EXPLANATORY STATEMENT
STATUTORY RULES 1986 NO 245
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 amendments replace offensive references to ‘unsoundness of mind’ in Regulations 39 and 42 with a reference to ‘a person under legal disability by reason of the state of his or her mind’. The citing of an office of ‘Master in Lunacy’ to administer estates is no longer relevant and has been replaced by a person authorised under law to administer an estate.
Overview
The Commonwealth Inscribed Stock Regulations (Amendment) Statutory Rules 1986 No 245 were introduced to modernise and update the terminology used in the Commonwealth Inscribed Stock Act 1911. This Act was enacted to provide for the registration of Commonwealth inscribed stock, and the regulations were designed to assist in the administration of the Act. The amendments were made by the Parliament of Australia to ensure that the language used in the regulations is contemporary and free from outdated and potentially offensive terminology. The policy objective is to reflect contemporary societal values and ensure that the administration of the Act is conducted with sensitivity and respect. The changes include replacing references to 'unsoundness of mind' with 'a person under legal disability by reason of the state of his or her mind' and updating the reference to an obsolete office of ‘Master in Lunacy’ with a more current term for a person authorised under law to administer an estate.
Scope and Application
The Commonwealth Inscribed Stock Regulations (Amendment) Statutory Rules 1986 No 245 amend the Commonwealth Inscribed Stock Regulations to bring them in line with modern terminology and legal frameworks, whilst maintaining the original intent and scope of the provisions. The amendments affect the language used in Regulations 39 and 42, updating outdated terms such as "unsoundness of mind" to the more contemporary "a person under legal disability by reason of the state of their mind." Additionally, the regulation now refers to a person authorised under law to administer an estate, rather than the obsolete office of "Master in Lunacy." These changes do not alter the substantive application or jurisdictional reach of the Commonwealth Inscribed Stock Act 1911 or its Regulations. The Act continues to apply to all persons, entities, and transactions involving Commonwealth inscribed stock within the Australian Commonwealth jurisdiction, with any necessary details and forms prescribed by the regulations. The amendments do not introduce new exclusions, exemptions, or thresholds, nor do they extend or restrict the application of the Act through subordinate instruments.
Key Provisions
The main operative sections of the Commonwealth Inscribed Stock Regulations (Amendment) involve updating certain terms within Regulations 39 and 42 of the Commonwealth Inscribed Stock Act 1911 (the Act). Specifically, section 58 of the Act allows for the Governor-General to amend regulations, ensuring they are not inconsistent with the Act, to prescribe fees and matters necessary for the Act's implementation. The amendments replace the term 'unsoundness of mind' with 'a person under legal disability by reason of the state of his or her mind'. Additionally, the outdated reference to the 'Master in Lunacy' is replaced with a person authorised under law to administer an estate. These changes reflect contemporary language and legal practices, ensuring the regulations remain relevant and applicable.
The obligations and requirements imposed by these amendments on the parties or entities governed by the Act primarily involve the updated terminology in Regulations 39 and 42. Entities must now refer to individuals under legal disability due to mental state rather than using the term 'unsoundness of mind'. Furthermore, any administration of estates by a person authorised under law must replace the former role of the 'Master in Lunacy'. This shift ensures that the administration of such matters is in line with current legal standards and practices, maintaining clarity and legal accuracy.
Offences, penalties, or consequences for breach of these regulations are not explicitly detailed within the text provided. However, given that the amendments aim to ensure compliance with modern legal terminology and practices, non-compliance could potentially lead to legal challenges or disputes regarding the administration of estates and the handling of inscribed stock. The severity of any consequences would depend on the specific circumstances and the discretion of the courts or relevant authorities in interpreting the Act and its regulations. It is important for parties involved to ensure they adhere to the updated terminology and practices to avoid any potential legal issues.