COMMONWEALTH INSCRIBED STOCK.

No. 18 of 1963.

An Act to amend the Commonwealth Inscribed Stock Act 1911-1946.

[Assented to 28th May, 1963.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.)     This Act may be cited as the Commonwealth Inscribed Stock Act 1963.

(2.)  The Commonwealth Inscribed Stock Act 1911-1946 is in this Act referred to as the Principal Act.

(3.)  The Principal Act, as amended by this Act, may be cited as the Commonwealth Inscribed Stock Act 1911-1963.

Commencement.

2.  This Act shall come into operation on a date to be fixed by Proclamation.

3.  Section two of the Principal Act is repealed and the following section inserted in its stead:—

Parts.

“2.  This Act is divided into Parts, as follows:—

Part I.—Preliminary (Sections 1-3).

Part II.—Creation and Issue of Stock (Sections 4-13).

Part III.—Inscription of Stock.

Division 1.—Registries and Registrars (Section 14).

Division 2.—Inscription of Stock (Sections 15-22a).

Division 3.—Transfers and Transmissions (Sections 23-30).

Division 5.—Legal Provisions (Sections 43-44a).

Part V.—Penal Provisions (Sections 48-51).

Part Va.—Treasury Bonds (Sections 51a-51g).

Part VI.—Miscellaneous (Sections 52-58),”.

Interest.

4.  Section five of the Principal Act is repealed.

Stock and interest a charge on revenue.

5.  Section six of the Principal Act is amended by inserting after the word “interest” the words “(if any)”.

Terms and conditions of issue.

6.  Section seven of the Principal Act is amended by inserting after the word “conditions” the words “(including terms and conditions as to interest)”.

Redemption of stock.

7.  Section eight of the Principal Act is amended by omitting all the words from the commencement of the section to and including the words “as are specified in that order” and inserting in their stead the words “Stock shall be redeemable in accordance with the provisions of the order creating the stock”.

When interest to cease.

8.  Section eleven of the Principal Act is amended by inserting after the word “interest” the words “(if any)”.

9.  Sections twenty-four, twenty-five and twenty-six of the Principal Act are repealed and the following section is inserted in their stead:—

Transfer of stock.

“24. The regulations may make provision for and in relation to—

(a) the transfer of stock from one person to another person; and

(b) the inscription in a Stock Ledger of the name of the transferee as the owner of the stock.”.

Limitations on registration of transactions.

10.   Section twenty-seven of the Principal Act is amended by omitting the words “Except with the approval of the Treasurer” and inserting in their stead the words “Except where the regulations otherwise provide or the Treasurer approves”.

Verification of transmission.

11.   Section twenty-nine of the Principal Act is amended by omitting from sub-section (2.) the words “Where a person dies leaving any stock of an amount not exceeding One hundred pounds” and inserting in their stead the words “Where an amount of stock not exceeding the prescribed amount is inscribed in the name of a person who has died”.

Repeal of sections thirty-one and thirty-two.

12.   Sections thirty-one and thirty-two of the Principal Act are repealed.

13.   Section fifty-one e of the Principal Act is repealed and the following section inserted in its stead:—

Conversion of stock, Treasury Bonds and other securities.

“51e.  Stock may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for Treasury Bonds, Debentures or other prescribed securities, and Treasury Bonds, Debentures and other prescribed securities may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for stock.”.

14.   Section fifty-two c of the Principal Act is repealed and the following section inserted in its stead:—

Use of stock, bonds, &c., to pay estate duty.

“52c.—(1.)  Such stock, Treasury Bonds, Debentures or other prescribed securities as the regulations provide may be accepted in payment of estate duty payable under the Estate Duty Act 1914-1941.

“(2.)  The value at which any stock, Treasury Bonds, Debentures or other prescribed securities are so accepted shall be such value as is determined by or under the regulations.”.