EXPLANATORY STATEMENT
STATUTORY RULES 1986 NO. 264
COMMONWEALTH INSCRIBED STOCK ACT 1911
COMMONWEALTH INSCRIBED STOCK REGULATIONS (AMENDMENTS)
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 enable the Commonwealth to credit payments on bonds to stockholder accounts with financial institutions by way of a ‘clearing house’ acting as agent for those institutions. The old regulations only permitted interest to be paid by post or directly to accounts at banks or other financial institutions approved by the Treasurer.