EXPLANATORY STATEMENT
Statutory Rules 1989 No. 228
Commonwealth Inscribed Stock Regulations (Amendment)
The proposed amendments to the Commonwealth Inscribed Stock Regulations (Principal Regulations) concern matters consequential upon amendments to the Commonwealth Inscribed Stock Act in 1988 in regard to specifying a prescribed person for the purposes of definition of certified copy and minor matters of an administrative nature. Details of the proposed amendments are:
• Regulation 3 introduces a new Regulation 6AA in the Principal Regulations, which specifies prescribed persons for the purposes of definition of ‘certified copy’ in section 3 of the Act;
• Regulation 4 amends Principal Regulation 10 by allowing either or any of the joint owners of stock to give instructions to the Registrar of Stock under paragraph 24B(1)(b) of the Regulations regarding a change of address;
• Regulation 5 amends Principal Regulation 16 by inserting in subregulation (2), for consistency, ‘an unincorporated association or’ after ‘transfer of stock to’;
• Regulation 6 introduces a new Regulation 24B in the Principal Regulations which enables either or any of the joint owners of stock to give, or cancel, instructions to the Registrar of Stock concerning (i) a change of address under subregulation 10(2), or (ii) a transfer of stock under Principal Regulations 23, 24 and 24A, or (iii) payment of interest under Principal Regulation 32, or (iv) an application for the issue of bearer securities in exchange for stock under Principal Regulation 41;
• Regulation 7 amends Principal Regulation 25A to increase the limit of the prescribed amount of stock for purposes of section 29 of the Act from $10,000 to $20,000 to reflect the effect of inflation over the years;
• Regulation 8 amends Principal Regulation 32 to provide cross reference to the new Regulation 24B enabling either or any of joint owners to instruct a Registrar of Stock regarding payment of interest;
• Regulation 9 amends Principal Regulation 35 by removing references to Regulation 33 as it no longer exists;
• Regulation 10 amends Principal Regulation 36 by substituting ‘cheque’ for ‘warrant’ in keeping with modern financial terms;
• Regulation 11 amends Principal Regulation 54 to reflect the effect of inflation in recent years by increasing from $10,000 to $20,000 the value of bearer securities which may be authorised to be delivered on behalf of a deceased person;
• Regulation 12 amends the Schedule to the Principal Regulations by omitting from the heading to Form 1 reference to Regulation 52 as this no longer exists; and
• Regulation 13 amends the headings to Principal Regulations 24 and 24A to better reflect the content of these regulations.
The Treasury
CANBERRA ACT