STATUTORY RULES
1942. No. 227.
REGULATIONS UNDER THE INSCRIBED STOCK ACT 1911-1940.*
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 1911-1940.
Dated this thirteenth day of May, 1942.
(Sgd.) GOWRIE
Governor-General.
By His Excellency’s Command,
(Sgd.) J. B. CHIFLEY
Treasurer.
AMENDMENTS OF THE COMMONWEALTH INSCRIBED STOCK REGULATIONS †
1. Regulation 6 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:–
“6. Each Registry shall be open for the transaction of business on such days, and during such hours, as the Treasurer determines.”
2. Regulation 55 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:–
“55. Treasury Bonds, with coupons attached, shall be prepared in accordance with Form 31 or Form 31B.”.
3. After Form 31A in the Appendices the following Form is inserted:–
Form 31B. Regulation 55.
COMMONWEALTH OF AUSTRALIA
NATIONAL SAVINGS BOND
No. Transferable by Delivery.
Issued under the Commonwealth Inscribed Stock Act 1911-1940.
This Bond entitles the bearer to the payment at the office of the Commonwealth Bank of Australia at Sydney, Melbourne, Brisbane, Townsville, Rockhampton, Adelaide, Perth, Hobart or Launceston, of pounds on the day of , together with interest thereon at the rate of pounds per centum per annum in accordance with the attached coupons, and such sums are secured on the Consolidated Revenue of the Commonwealth of Australia.
Dated the day of , 19 .
Secretary to the Treasury.
* Notified in the Commonwealth Gazette on , 1942.
† Statutory Rules 1927, No. 157, amended by Statutory Rules 1928, Nos. 29 and 61; 1931, Nos. 17, 102, 129 and 151; 1932, Nos. 71 and 135; 1934, Nos. 8 and 123; 1935, No. 128; 1936, No. 72; 1938, No. 50; and 1940, No. 40.
Commonwealth of Australia | Bond No. |
NATIONAL SAVINGS BOND | |
Coupon for six months’ interest on £ repayable on the day of , 19 . | Coupon due on the day of , 19 . |
| | | |
Payable free of exchange at any Bank in the Commonwealth. | £ |
4. These Regulations shall be deemed to have come into operation on the fifteenth day of April, One thousand nine hundred and forty-two.
Overview
The Statutory Rules 1942, No. 227, made under the Commonwealth Inscribed Stock Act 1911-1940, were enacted to amend the existing Commonwealth Inscribed Stock Regulations and address the need for updated procedures and forms for the issuance and management of Treasury Bonds and National Savings Bonds. These Regulations were introduced during a time of significant economic and social change, reflecting the need for adjustments in financial instruments to support the national effort. The enacting body was the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council. The specific policy objective as stated in the text is to ensure that the procedures for the issuance and management of Treasury Bonds and National Savings Bonds are up-to-date and aligned with the current administrative practices.
Scope and Application
The Commonwealth Inscribed Stock Regulations 1942, made under the Commonwealth Inscribed Stock Act 1911-1940, apply to the administration and management of inscribed stock within the Commonwealth of Australia. The regulations govern the operation of registries for inscribed stock, determining the days and hours during which these registries may conduct business. They also mandate the specific forms and procedures for the preparation of Treasury Bonds, including the use of Form 31 or Form 31B. The application of these regulations is national in scope, extending across all states and territories of Australia. Notably, the regulations do not specify exclusions or thresholds, implying a broad application to all inscribed stock within the Commonwealth unless otherwise specified by subordinate instruments. The amendments introduced by these regulations refine existing procedures, ensuring alignment with contemporary practices and standards in the issuance and management of inscribed stock.
Key Provisions
The main operative sections of these regulations concern the opening hours of Registries for inscribed stock transactions and the forms for preparing Treasury Bonds with coupons attached. Regulation 6 states that each Registry shall be open for the transaction of business on the days and during the hours determined by the Treasurer (reg. 6). Regulation 55 stipulates that Treasury Bonds, with coupons attached, must be prepared in accordance with either Form 31 or Form 31B (reg. 55). Additionally, Form 31B is introduced for National Savings Bonds, detailing the conditions under which the bond is issued and the interest it accrues (Form 31B).
The obligations and requirements imposed by these regulations include the need for Registries to adhere strictly to the hours of operation specified by the Treasurer. This ensures that all inscribed stock transactions are conducted within a regulated timeframe. Moreover, financial institutions or entities preparing Treasury Bonds with coupons must ensure that these bonds are prepared in accordance with the specified forms, either Form 31 or Form 31B. This uniformity helps maintain clarity and accuracy in bond issuance and interest accrual.
Breaches of these regulations may lead to various civil or administrative consequences. For instance, operating a Registry outside the specified hours could result in penalties or sanctions for non-compliance. Similarly, failure to adhere to the stipulated forms for preparing Treasury Bonds might lead to the invalidation of the bonds, causing financial discrepancies and potential liabilities. The regulations do not explicitly state maximum penalties, but the severity of consequences would depend on the nature and extent of the breach.