STATUTORY RULES.
1947. No. .
REGULATIONS UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1946.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Inscribed Stock Act 1911-1946.
Dated this twenty-third day of July, 1947.
W. J. McKell
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Commonwealth Inscribed Stock Regulations.†
Savings Certificates.
1. Regulation 44a of the Commonwealth Inscribed Stock Regulations is amended by inserting at the end thereof the words and figures “or Form 30b”.
Schedule.
2. The Schedule to the Commonwealth Inscribed Stock Regulations is amended by inserting, after Form 30a, the following form:—
“ Form 30b.
Regulation 44a.
Maturity date:—1st
Commonwealth of Australia.
SAVINGS CERTIFICATE.
Five Years.
No. £ No.
Issued under the Commonwealth Inscribed Stock Act 1911-1946.
Transferable by Delivery.
This Certificate entitles the Bearer to payment at any Australian Branch of the Commonwealth Bank of Australia of the sum of together with interest amounting to at the expiration of five years after the day of One thousand nine hundred and and such sum is secured on the Consolidated Revenue of the Commonwealth of Australia.
Secretary to the Treasury.
Stamp of Issuing Office.
* Notified in the Commonwealth Gazette on , 1947.
† Statutory Rules 1944, No. 186, as amended by Statutory Rules 1946, No. 75.
3499.—Price 3d. 8/5.6.1947.
The Certificate may be cashed at any time within the period of five years from the date of purchase. The value of the Certificate for purposes of redemption before maturity is set forth hereunder:—
Redemption Values After Date of Purchase.
| £. s. d. |
Within 1 year............................................ | |
At end of 1 year.......................................... | |
At end of 2 years......................................... | |
At end of 3 years......................................... | |
At end of 4 years......................................... | |
At maturity (5 years)....................................... | |
This Savings Certificate is payable at face value plus accrued interest amounting to five years after date of purchase. The amount then payable includes the amount paid for the Certificate and compound interest thereon. Interest will cease at the date of maturity of the Certificate.
A person is not entitled to purchase or own Savings Certificates of a greater face value than £250.”.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
Overview
The Commonwealth Inscribed Stock Regulations 1947, made under the Commonwealth Inscribed Stock Act 1911-1946, were enacted by the Governor-General, acting on the advice of the Federal Executive Council. These regulations address the need to provide a formal mechanism for the issuance and management of savings certificates as part of the Commonwealth Inscribed Stock Act. The policy objective behind these regulations is to facilitate the issuance of savings certificates, ensuring they are easily transferable and secured on the Consolidated Revenue of the Commonwealth of Australia, thus providing a stable and reliable investment option for the public. This legislative instrument introduces Form 30b, which outlines the details and terms of these savings certificates, including their maturity date, interest accrual, and redemption values, all designed to offer a secure investment avenue for individuals within specified limits.
Scope and Application
The Commonwealth Inscribed Stock Regulations, made under the Commonwealth Inscribed Stock Act 1911-1946, apply to individuals and entities engaging in the issuance, transfer, and redemption of inscribed stock and savings certificates issued by the Commonwealth of Australia. These regulations pertain specifically to the form and procedure for issuing and managing savings certificates, as exemplified by the inclusion of Form 30b in the amended Regulation 44a and its detailed schedule. The geographic reach of these regulations is nationwide, impacting all operations within the Commonwealth of Australia, including any relevant financial transactions and entities involved in inscribed stock activities. Notably, these regulations do not specify exclusions or exemptions but set a maximum limit of £250 on the face value of savings certificates that any one person can purchase or own, establishing a threshold for participation in these financial instruments.
Key Provisions
The Commonwealth Inscribed Stock Regulations, specifically amended by these Statutory Rules, include significant changes to the provisions governing savings certificates. Regulation 44a now includes the new Form 30b (Regulation 1), which outlines the details and terms of these savings certificates. This new form allows for the issuance of savings certificates that mature in five years, entitling the bearer to receive the principal amount plus interest at any Australian Branch of the Commonwealth Bank of Australia (Regulation 2). This form, which replaces the previous Form 30a, includes details such as the maturity date, the principal amount, the interest rate, and the security of the investment on the Consolidated Revenue of the Commonwealth of Australia.
These regulations impose specific obligations on the parties involved. The savings certificates, as outlined in the new Form 30b, must be issued under the authority of the Commonwealth Inscribed Stock Act 1911-1946 (Regulation 2). They are transferable by delivery and must be presented at any Australian Branch of the Commonwealth Bank of Australia for redemption. The regulations also impose a limit on the face value of the savings certificates that an individual can purchase or own, which is set at a maximum of £250 (Regulation 2).
Failure to comply with these regulations may result in various consequences. While the specific offences and penalties are not detailed in the provided text, under the Commonwealth Inscribed Stock Act 1911-1946, any breach of the regulations could potentially lead to civil or criminal penalties. The exact nature and severity of these penalties would depend on the specific provisions of the Act and any relevant case law or subsequent amendments to the regulations.