Commonwealth Inscribed Stock Regulations (Amendment)

Administered by Department of the Treasury

Legislation au F1996B02677 Regulations Not in force Legislative Instrument

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STATUTORY RULES

1966 No. 61

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REGULATIONS UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1963.*

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 1911-1963.

Dated this tenth day of February, 1966.

CASEY

Governor-General.

By His Excellency’s Command,

WILLIAM McMAHON

Treasurer.

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Amendments of the Commonwealth Inscribed Stock Regulations†

Commencement.

1. These Regulations shall come into operation on the fourteenth day of February, 1966.

Prescribed amount of stock for purposes of section 29 of the Act Marked transfers.

2. Regulation 25a of the Commonwealth Inscribed Stock Regulations is amended by omitting the words “Six hundred pounds” and inserting in their stead the words “One thousand two hundred dollars”.

3. Regulation 31 of the Commonwealth Inscribed Stock Regulations is amended by omitting from sub-regulation (1.) the word “pounds” and inserting in its stead the word “dollars”.

Treasury Bonds.

4. Regulation 43 of the Commonwealth Inscribed Stock Regulations is amended by omitting the word and figures “or 29”.

Repeal.

5. Regulations 44 and 44a of the Commonwealth Inscribed Stock Regulations are repealed.

Bearer securities not exceeding $1,200 may be delivered on behalf of a deceased person.

6. Regulation 54 of the Commonwealth Inscribed Stock Regulations is amended by omitting from sub-regulation (1.) the words “Six hundred pounds” and inserting in their stead the words “One thousand two hundred dollars”.

The Schedule.

7. The Schedule to the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting from Forms 1, 2, 6, 14, 15, 18, 19, 22, 23, 26, 28, 31, 32, 32a, 32k, 33b and 37 the symbol “£” (wherever occurring) and inserting in its stead the symbol “$”;

(b) by omitting from Forms 1, 26 and 31 the word “pounds” (first occurring) and inserting in its stead the word “dollars”;

 

* Notified in the Commonwealth Gazette on 11 February, 1966.

† Statutory Rules 1944 No. 186, as amended by Statutory Rules 1946, No. 75; 1947, No. 96; 1952, No. 26; 1959, Nos. 8, 39 and 96; 1961, No. 86; 1962, No. 57; 1963, No. 84; and 1964, No. 19.

6330/65.—Price 6d. (5c)


(c) by omitting from Forms 1 and 2 the words “of    pounds                shillings and                                           pence” and inserting in their stead the words “of                                          dollars”;

(d) by omitting from Forms 14, 15, 18, 19, 22, 23, 33, 37 and 39a the word “pounds” (wherever occurring) and inserting in its stead the word “dollars”;

(e) by omitting from Form 26 the words “(of the denomination of £  ), to the total value of                            pounds”;

(f) by omitting from Form 26 all the words, symbols and figures from and including the words “Received as undermentioned” to the end of the Form and inserting in their stead the following words and symbol:—

“Received as undermentioned—

Bearer securities totalling $

(Here insert particulars of the securities)

First interest coupon due

Signature of recipient.

Cross out whichever is inapplicable.”;

Signature

(g) by omitting Forms 29, 30, 30a and 30b;

(h) by omitting from Form 31 the words “pounds, shillings and   pence”;

(i) by omitting from Form 33 all the words, symbols and figures from and including the words “Bearer security” to the end of the Form and inserting in their stead the following words:—

“Bearer security numbers. Next interest payable—

(Here insert particulars of the securities)

(Signature)

Full Address

Date”;

(j) by omitting from Form 36 all the words, symbols and figures from and including the words “I forward herewith” to the end of the Form and inserting in their stead the following words, symbol and figures:—

“I forward herewith the following bearer securities amounting to $  (              dollars) together with interest coupons dated from               /              /19 to              /              /19 —

(Here insert particulars of the securities)

with the request that they be exchanged for bearer securities as follows:—

(Here insert particulars of the securities)

Next Interest Due

/ / 19 .

Bearer securities received

 / /19 .

Signature

Full Address

Date ”    ; and

(k) by omitting from Form 37 all the words, symbols and figures from and including the word “DENOMINATIONS” to and including the word “Signature” and inserting in their stead the following words:—

“DENOMINATIONS

(Here insert particulars of the securities)

Signature”.

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By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.

Overview

The Statutory Rules 1966 No. 61, made under the Commonwealth Inscribed Stock Act 1911-1963, were enacted to amend the existing regulations concerning Commonwealth Inscribed Stock, primarily by updating the monetary values and terminology from pounds to dollars, in response to Australia's decimal currency reform. These regulations were issued by the Governor-General in accordance with the advice of the Federal Executive Council. The policy objective behind these amendments was to ensure that the regulatory framework for Commonwealth Inscribed Stock remains current and consistent with the nation's monetary system. This legislative instrument aimed to address the transition from the old currency system to the new decimal currency by updating relevant financial instruments and documentation under the Act.

Scope and Application

The Commonwealth Inscribed Stock Regulations 1966, made under the Commonwealth Inscribed Stock Act 1911-1963, apply to all persons and entities involved in the transfer and delivery of inscribed stock, which includes securities such as treasury bonds and bearer securities. The regulations govern the prescribed amount for mark transfers, the currency denominations for prescribed amounts, and the forms to be used for various transactions involving inscribed stock. The regulations have a national reach, applying across all states and territories of Australia. They include specific amendments to existing regulations, such as increasing the prescribed amount for mark transfers from £600 to $1,200 and updating various forms to reflect the change from pounds to dollars. Certain regulations are repealed, and amendments are made to forms to align with the new currency. The regulations do not explicitly state exclusions or thresholds, but the application of the changes is intended to streamline transactions and update the regulatory framework in line with the shift to the decimal currency system in Australia.

Key Provisions

The Commonwealth Inscribed Stock Regulations, made under the Commonwealth Inscribed Stock Act 1911-1963, were amended on 10 February 1966 to update the prescribed amount of stock for the purposes of section 29 of the Act, from six hundred pounds to one thousand two hundred dollars (Regulation 2). This change reflects the economic context of the time and aims to align the regulatory framework with current financial standards. The regulations also update the currency from pounds to dollars across various sections and forms, ensuring consistency and clarity in financial transactions (Regulation 3). Furthermore, the regulations modify the forms used for the transfer of bearer securities, removing references to pounds and shillings, and updating the monetary values to dollars (Regulation 7). These amendments impose specific obligations on parties involved in the transfer and registration of Commonwealth inscribed stock. For example, Regulation 2 mandates that the prescribed amount of stock for certain purposes be updated to one thousand two hundred dollars. This change requires financial institutions and individuals involved in these transactions to adjust their practices and documentation accordingly. Similarly, Regulation 7 necessitates the modification of various forms to reflect the updated currency and monetary values, ensuring that all documentation is accurate and compliant with the new regulations. Failure to comply with these regulations can result in civil or criminal penalties. Although the specific penalties are not detailed in the provided excerpt, under the Commonwealth Inscribed Stock Act, penalties for non-compliance can include fines and, in severe cases, imprisonment. The exact penalties would depend on the nature and severity of the breach, as well as any relevant case law and judicial interpretation. Parties are therefore required to ensure that they adhere to the updated regulations to avoid potential legal repercussions.

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.