EXPLANATORY STATEMENT
STATUTORY RULES 1986 NO. 242
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 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.
The regulations facilitate administration of a computerised system for the Bonds and Stock Registries. In particular the amendments:
• facilitate the introduction of a computerised system for Bond and Stock Registries whereby records of stock accounts and the names and addresses of stockholders can be maintained on computer files;
• provide for clarification of the addresses to be entered in the stock ledger and means of notification of changes of address including for joint stockholdings;
• repeal regulation 17 relating to inscription of change of name on marriage to enable consistency with administrative practice of handling other requests for changes in inscription particulars;
• enable the Registrar to meet a stockholder’s request that he not be notified of every inscription or cancellation of the inscription of stock or of the transfer of stock between registries;
• provide for refinements to the marking system and deletes reference to a 14 day marking period as this has not always been a sufficient time period to enable a transaction to be completed without recourse to the re-marking of transfers which in turn can inconvenience stockholders;
repeal regulation 56 to enable Registrars to accept enduring powers of attorney consistent with legislation in the States and Territories.
remove from the regulations certain numbered forms and related cross-references (as set out in the Schedule to the Regulations) and replace them, as appropriate, with references to approved forms or means of address.