EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO. 166
COMMONWEALTH INSCRIBED STOCK ACT 1911
COMMONWEALTH INSCRIBED STOCK REGULATIONS (AMENDMENT)
Section 58 of the Commonwealth Inscribed Stock Act 1911 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing the fees payable under the Act and all matters and forms required or necessary or convenient to be prescribed for carrying out or for giving effect to the Act or for the conduct of any business at or in connection with any Registry.
Regulation 19 provides the Registrar of Inscribed Stock with a discretion as to whether a signature of a stockholder should be verified against the specimen signature held in the Registry before the document bearing that signature could be accepted.
The amendment is intended to simplify the procedure for identification of stockholders where the signing of documents does not take place before the Registrar and where there is little likelihood of forgery.
Regulation 66 reinstates the Treasurer’s discretionary power to issue replacement securities for those lost, stolen or destroyed bearer bonds. This discretion was removed by an amendment on 1 September 1983 which, in an attempt to lessen the attractiveness of bearer securities, provided only for the replacement of surrendered defaced securities where the identifying numbers are legible. In the light of legislation currently before Parliament providing that the Commonwealth should shortly cease to issue new bearer securities, it is now considered that the amendment made last year is unduly constraining and the discretionary power should be restored, subject to specific terms and conditions.