Commonwealth Inscribed Stock Regulations (Amendment)

Overview

The Statutory Rules 1928, No. 61, is an amendment to the Regulations under the Commonwealth Inscribed Stock Act 1911-1927, enacted to update the regulatory framework for inscribed stock. This legislative instrument was introduced to address procedural inefficiencies in the registration and issuance of Commonwealth inscribed stock. The enactment of these regulations was authorised by the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The policy objective of this amendment is to streamline the administration of inscribed stock by allowing authorised individuals, beyond just Bank Managers, to sign and validate certain forms, thereby enhancing the flexibility and efficiency of the process.

Scope and Application

The Commonwealth Inscribed Stock Regulations, as amended by Statutory Rules 1928, No. 61, pertain to the administrative and operational framework of the Commonwealth Inscribed Stock Act 1911-1927. These regulations primarily apply to the authorised persons responsible for signing and stamping the relevant forms, including Bank Managers and other appointed individuals by the Treasurer. The amendments specified in this statutory rule adjust the forms and figures to reflect current requirements and appointed authorities, ensuring compliance and continuity within the legislative framework. The scope of these regulations extends to the Commonwealth level, affecting the bureaucratic and financial processes associated with inscribed stock and its management. Any exclusions, exemptions, or specific thresholds are not explicitly detailed in the provided text but are likely addressed within the broader legislative and regulatory context of the Commonwealth Inscribed Stock Act. The applicability and enforcement of these regulations are subject to further elaboration through subordinate instruments or related legislative provisions.

Key Provisions

The Commonwealth Inscribed Stock Regulations, amended by Statutory Rules 1928, No. 61, primarily concern the modification of specific forms used under the Commonwealth Inscribed Stock Act 1911-1927. Section (1) of the amendment alters Forms 12, 22, and 23 by changing the requirement for a Bank Manager to sign and stamp these forms. Instead, the forms can now be signed and stamped by a Bank Manager or any other person appointed by the Treasurer. This change broadens the scope of authorised individuals who can validate these forms. Section (2) further amends Form 18, expanding the list of authorised signatories to include an officer of the Registry, a Bank Manager, or another person appointed by the Treasurer. Finally, Section (3) updates a numerical reference from "17" to "18" in Statutory Rules 1928, No. 29. The amendment imposes specific obligations on the parties involved. It requires that any person authorised to sign and stamp the specified forms must do so in accordance with the updated regulations. This means that Bank Managers or any other appointed individuals must sign and add the appropriate stamp as stipulated in the amended forms. The change also mandates that the Treasury must maintain an updated list of authorised individuals, ensuring that only those appointed by the Treasurer are permitted to validate these forms. Violation of the provisions set out in the amended regulations may result in legal consequences. While the specific offences and penalties are not detailed in the provided text, it is reasonable to infer that any unauthorised signing or stamping of the forms could lead to civil or criminal liability. Given the historical context of the Commonwealth Inscribed Stock Act, penalties might have included fines, legal action, or other repercussions as deemed appropriate by the courts. The maximum penalties, if specified, would likely align with the standards and practices of the time.