EXPLANATORY STATEMENT
STATUTORY RULES 1986 NO. 244
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.
A 1984 amendment to Regulation 15 was designed to simplify the procedures then required to enable stock to be inscribed in the name of a body corporate. However, due to the operation of Regulation 62 concerning sealing of documents by bodies corporate this amendment has proved ineffectual in practice. As a consequence, the amendments enable the onus placed on the Registrar in examination of the sealing of documents, to accord with current business practice.