Commonwealth Inscribed Stock Regulations (Amendment)

Overview

The Statutory Rules 1928, No. 29, made under the Commonwealth Inscribed Stock Act 1911-1927, were introduced to amend existing regulations concerning the transfer and documentation of inscribed stock. Enacted by the Governor-General in Council, this legislative instrument aimed to update the regulatory framework to better accommodate the administrative needs of the time. The changes, which include the insertion of "Rockhampton" in various forms and the adjustment of transfer amounts, reflect a policy objective to streamline the processes involved in the management and transfer of inscribed stock, ensuring clarity and efficiency in financial transactions. These amendments were designed to come into effect immediately upon enactment, highlighting the urgency and importance of the updates to the regulatory framework.

Scope and Application

The Statutory Rules 1928, No. 29, made under the Commonwealth Inscribed Stock Act 1911-1927, introduces amendments to existing regulations concerning the transfer of stock, the witnessing of documents, and the specific forms required for certain transactions. These amendments are designed to refine and update the procedures and formalities associated with stock transfers and the witnessing of documents. The amendment extends the geographic reach of the Act by including Rockhampton in the list of locations where stock transfers are permitted, alongside existing locations such as Townsville. Additionally, the regulations impose a minimum transaction value of £10 for stock transfers, with multiples thereof, replacing the previous regulatory framework. These amendments apply to persons and entities involved in the transfer of stock, as well as to the various forms used in such transactions, requiring adjustments to several forms to include Rockhampton and to specify the roles of witnesses and registrars. The scope of these amendments is thus focused on the procedural and geographic aspects of stock transfers within the Commonwealth.

Key Provisions

The main operative sections of the Statutory Rules 1928 No. 29 are contained within the amendment to the Regulations Under the Commonwealth Inscribed Stock Act 1911-1927. Regulation 5 is amended by inserting the word "Rockhampton" after the word "Townsville", effectively adding a new location to the list of places where inscribed stock can be transferred (Reg. 5). Furthermore, Regulation 35 is repealed and replaced with a new regulation stating that transfers of stock can only be made in amounts of £10 or a multiple thereof, subject to the provisions of Regulation 12 (Reg. 35). This amendment aims to standardise the transfer amounts for inscribed stock and maintain consistency in transactions. The Act imposes several obligations and requirements on the parties or entities it governs. Firstly, inscribed stock transfers must now be conducted in multiples of £10, as stipulated in the newly inserted Regulation 35. This requirement ensures that all transfers are uniform and simplifies the transaction process. Secondly, the inclusion of "Rockhampton" in various forms (Forms 2, 10, 15, 17, 20, 21, 22, 23, 26, 27, 31, 39) recognises this location as an authorised site for inscribed stock transfers, broadening the geographical scope of the Act. Additionally, the amendment to Forms 12, 18, 22, and 23 introduces a requirement for a witness to attest that they are personally known to the person signing the document, adding a layer of verification to the process. Lastly, Form 23a is amended to specify that the "Registrar" must sign the document, replacing the previous requirement for a "Justice of the Peace". Breach of the provisions set forth in the Statutory Rules 1928 No. 29 may result in various consequences, although specific penalties or offences are not explicitly stated in the text. However, it can be inferred that non-compliance with the standardised transfer amounts or the witness attestation requirement could lead to the invalidity of the inscribed stock transfer. Given that the Act amends existing regulations, it is likely that penalties for non-compliance would be aligned with those outlined in the original Commonwealth Inscribed Stock Act 1911-1927 or subsequent legislation. These penalties could range from fines to legal actions to enforce compliance. The introduction of Rockhampton as a recognised location for stock transfers might also entail additional administrative or regulatory oversight to ensure adherence to the amended requirements.