STATUTORY RULES.
1959. No. 39.
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 15th day of June, 1959.
W. J. Slim
Governor-General.
By His Excellency's Command,
Treasurer.
Amendments of the Commonwealth Inscribed Stock Regulations.†
Special Bonds.
1. Regulation 46a of the Commonwealth Inscribed Stock Regulations is amended by inserting after the words “Form 32a” the words “or Form 32b”.
The Schedule.
2. The Schedule to the Commonwealth Inscribed Stock Regulations is amended by inserting after Form 32a the following form:—
Form 32b.
Regulation 46a.
[Front of Form.]
Series
Commonwealth of Australia.
SPECIAL BOND.
Issued under the Commonwealth Inscribed Stock Act 1911-19 .
Transferable by Delivery.
This Bond entitles the Bearer to payment at the office of the Commonwealth Bank of Australia at Sydney, Melbourne, Brisbane, Adelaide, Perth, Hobart or Launceston of on the
day of , One thousand nine hundred and .
The Bearer of this Bond is entitled, subject to compliance with the conditions endorsed on the reverse side of this Bond, to have this Bond redeemed at any time
* Notified in the Commonwealth Gazette on 25th June, 1959.
† Statutory Rules 1944, No. 186, as amended by Statutory Rules 1946, No. 75; 1947, No. 96; 1952, No. 26; and 1959, No. 8.
3172/59.—Price 3d. 10/15.5.1959.
after the day of , One thousand nine hundred and
, at any of the above-mentioned offices. The amount payable on the redemption of the Bond is that ascertained in accordance with the following table:—
Date of Redemption. | Amount Payable on Redemption. |
| |
The Bearer of this Bond is entitled to payment of interest in accordance with the attached coupons and the conditions endorsed on the reverse side of this Bond.
An amount (including an amount of interest) payable on this Bond is secured on the Consolidated Revenue of the Commonwealth of Australia.
Dated this day of , 19 .
Signature of Treasurer or person appointed by the Governor-General.
Commonwealth of Australia.
SPECIAL BOND—Series .
Interest Coupon.
Interest rate .
Interest for months
on £ (Date of interest payment) .
Repayable, 19 .
£ (Amount of interest).
[Reverse side of Form.]
SPECIAL BOND—Series .
£ .
Maturity Date 19 .
[Here insert Conditions subject to which the Bond is issued.]
By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.
Overview
The Commonwealth Inscribed Stock Regulations 1959, enacted by the Governor-General in Council, amend the Commonwealth Inscribed Stock Regulations under the Commonwealth Inscribed Stock Act 1911-1946. These regulations were introduced to address the need for updating the prescribed forms for issuing Special Bonds, ensuring compliance with current financial practices and procedures. The policy objective is to maintain the integrity and functionality of the Commonwealth's financial instruments by providing updated forms that facilitate the issuance and redemption of bonds in line with the prevailing legal and administrative requirements. The regulations were notified in the Commonwealth Gazette on 25 June 1959, reflecting a formal and structured approach to financial regulation in Australia.
Scope and Application
The Commonwealth Inscribed Stock Regulations 1959, under the Commonwealth Inscribed Stock Act 1911-1946, apply to the issuance, management, and transfer of Special Bonds within the Commonwealth of Australia. These regulations primarily govern the financial instruments issued by the Commonwealth, ensuring compliance with the legislative framework. The regulations cover the procedures for bond issuance, including the format and details of the bonds, as well as the conditions under which these bonds can be redeemed or transferred. The geographic reach of these regulations is confined to the Commonwealth of Australia, and they apply to any transactions involving Special Bonds within the country. Notably, the regulations include specific provisions for the creation of new bond forms, such as Form 32b, which supplements the existing Form 32a. These regulations also detail the interest payment schedules and the security of payments on the Consolidated Revenue of the Commonwealth. The application of these regulations is further extended through subordinate instruments, which provide additional guidelines and clarifications necessary for the effective administration of Special Bonds.
Key Provisions
The Regulations under the Commonwealth Inscribed Stock Act 1911-1946, as amended, introduce specific modifications to the existing bond forms used under the Act. Regulation 46a is amended to include Form 32b alongside Form 32a, thereby expanding the options available for bond issuance (Regulation 1). The Schedule to the Regulations is updated to include Form 32b, which is detailed in the document. This new form, titled "SPECIAL BOND", specifies conditions for bond transferability and redemption, as well as the terms for interest payment and bond maturity (Regulation 2).
The Act, as governed by these Regulations, imposes several obligations on the parties involved in the issuance and transfer of inscribed stock bonds. These obligations include ensuring that the bond details, such as the amount payable, interest rate, and redemption conditions, are clearly stated and endorsed on the bond document. The Regulations mandate that these bonds be issued under the authority of the Commonwealth of Australia and be secured by the Consolidated Revenue of the Commonwealth (Schedule, Form 32b).
Breach of the provisions outlined in these Regulations may result in civil or criminal consequences. While the specific penalties are not detailed within the Regulations themselves, penalties for non-compliance with the Commonwealth Inscribed Stock Act 1911-1946 could potentially include fines or other sanctions as prescribed by the relevant legislation. The exact nature and extent of these penalties would depend on the specific breach and the applicable legal provisions.