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Commonwealth Inscribed Stock Act 1911

  • - C2009C00095
  • In force - Superseded Version
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Act No. 20 of 1911 as amended, taking into account amendments up to Act No. 3 of 2009
An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes
Administered by: Treasury
Registered 24 Feb 2009
Start Date 18 Feb 2009
End Date 14 Dec 2009

Commonwealth Inscribed Stock Act 1911

Act No. 20 of 1911 as amended

This compilation was prepared on 23 February 2009
taking into account amendments up to Act No. 3 of 2009

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated
may be affected by application provisions that are set out in
the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General’s Department, Canberra

  

  

  


Contents

Part I—Preliminary                                                                                                                1

1............ Short title [see Note 1]....................................................................... 1

3............ Interpretation...................................................................................... 1

Part II—Creation and issue of stock                                                                           3

3A......... Authority to borrow........................................................................... 3

4............ Power to create stock......................................................................... 3

5............ Limit on stock and securities on issue................................................ 4

5A......... Increase in limit on stock and securities on issue—special circumstances              4

6............ Stock and interest a charge on revenue............................................... 5

7............ Issue of stock...................................................................................... 5

11.......... When interest to cease........................................................................ 6

13.......... Stock personal property..................................................................... 6

Part III—Inscription of stock                                                                                           7

Division 1—Registries and Registrars                                                               7

14.......... Establishment of registries and appointment of Registrars................ 7

Division 2—Inscription of stock                                                                             8

15.......... Stock to be inscribed........................................................................... 8

16.......... Limit of number of names................................................................... 8

17.......... Stock certificates................................................................................. 8

18.......... Owner of legal interest in stock.......................................................... 8

19.......... Protection of Registrar in relation to trusts........................................ 9

20.......... Preservation of equitable interests...................................................... 9

21.......... Stock may not be inscribed in the names of persons under 16 years of age            9

21A....... Stock held in official capacity........................................................... 10

22.......... Receipts for interest......................................................................... 10

22A....... Inscription in name of Friendly Society or Trade Union................. 10

22B....... Inscription of stock in name of unincorporated associations........... 11

Division 3—Transfers and transmissions                                                        12

23.......... Transfer to another registry.............................................................. 12

24.......... Transfer of stock.............................................................................. 12

24A....... Transfer of certain interests in stock................................................ 12

24B....... Record of equitable interests............................................................ 13

24C....... Inscription in Stock Ledger of names of transferees of legal interests in stock       13

27.......... Limitations on registration of transactions....................................... 13

28.......... Transmission application................................................................. 13

29.......... Verification of transmission.............................................................. 14

30.......... Registration of transmission of legal interest.................................... 14

Division 5—Legal provisions                                                                                 15

43.......... Orders to be carried into effect......................................................... 15

44.......... Evidence............................................................................................ 15

Part V—Penal provisions                                                                                                  16

49.......... False personation.............................................................................. 16

50.......... Falsification of books or documents................................................. 16

51.......... Forfeiture of forged documents and illicit forms.............................. 16

Part VA—Treasury Bonds                                                                                               17

51A....... Power to make out and issue Treasury Bonds................................. 17

51B....... Sale of Treasury Bonds.................................................................... 17

51BA.... Breach of terms or conditions of issue of Treasury Bonds.............. 17

51C....... Treasury Bills Act to apply to Bonds and other securities............. 18

51E........ Conversion of stock, Treasury Bonds and other securities.............. 18

51G....... Treasury Bonds may be repurchased out of war loans.................... 18

Part VB—Delegations and authorisations                                                              19

51H....... Delegation by Governor‑General and authorisation by Treasurer... 19

51J........ Directions by Governor‑General and Treasurer............................... 20

51JA..... Delegation by Treasurer of powers under section 3A...................... 20

51K....... Delegation by Treasurer of powers under sections 14 and 29......... 21

Part VI—Miscellaneous                                                                                                    22

52.......... Investments in stock......................................................................... 22

52A....... Stock certificates etc. not liable to stamp duty................................ 22

52B....... Liability of interest to income tax..................................................... 23

54.......... Record of unclaimed interest............................................................ 23

55.......... Forms................................................................................................ 24

56.......... Powers of attorney........................................................................... 24

57B....... Application of certain provisions of Treasury Bills Act to stamps 24

58.......... Regulations....................................................................................... 25

Notes                                                                                                                                            27


An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes

Part IPreliminary

  

1  Short title [see Note 1]

                   This Act may be cited as the Commonwealth Inscribed Stock Act 1911.

3  Interpretation

             (1)  In this Act, unless the contrary intention appears:

certified copy of an entry in a Stock Ledger, of an extract of an entry in a Stock Ledger or of a document means a copy of the entry, extract or document that is certified by a prescribed person to be a true copy.

clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of Chapter 7 of the Corporations Act 2001.

Registrar means a Registrar of Stock or a Deputy Registrar of Stock.

Registry means a Registry for the inscription of stock.

stock means:

                     (a)  stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and

                     (b)  stock (however described) created under subsection 4(1) as in force at any time before the commencement of Schedule 1 to the Commonwealth Inscribed Stock Amendment Act 2002; and

                     (c)  Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).

Treasury Bond includes a Treasury Fixed Coupon Bond, a Treasury Indexed Bond and an Australian Consolidated Treasury Bond and any coupon issued in connection with a Treasury Bond.

             (2)  For the purposes of the application of this Act at a time before the commencement of Schedule 1 to the Financial Services Reform Act 2001:

                     (a)  a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:

                              (i)  a clearing house as defined by section 9 of the Corporations Act 2001; or

                             (ii)  the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and

                     (b)  a reference in this Act to the operating rules of a clearing and settlement facility is taken to be a reference to the business rules of a clearing house referred to in paragraph (a).


 

Part IICreation and issue of stock

  

3A  Authority to borrow

             (1)  The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.

             (2)  Nothing in this section affects the power of the Treasurer under any other Act to borrow money on behalf of the Commonwealth, or to issue stock or securities under this or any other Act in relation to those borrowings.

4  Power to create stock

             (1)  The Governor‑General may, by writing signed by him or her, create stock, Treasury Bonds, Treasury Notes or other prescribed securities from time to time for:

                     (a)  raising money by way of loan; or

                     (b)  converting any loan raised by the Commonwealth into any other loan so raised; or

                     (c)  paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or

                     (d)  lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.

             (2)  Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:

                     (a)  authority to borrow the moneys to be raised by the issue or sale is granted by section 3A of this Act or by any other Act; or

                     (b)  the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.

5  Limit on stock and securities on issue

             (1)  The total face value of stock and securities on issue under this Act and the Loans Securities Act 1919 at any time must not exceed $75 billion.

             (2)  In working out the total face value of that stock and securities, disregard:

                     (a)  stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and

                     (b)  stock and securities loaned by the Treasurer under a securities lending arrangement under section 5BA of the Loans Securities Act 1919, or held by or on behalf of the Treasurer for the purpose of such an arrangement; and

                     (c)  stock and securities invested under subsection 39(2) of the Financial Management and Accountability Act 1997; and

                     (d)  stock and securities on issue on the commencement of this section, other than Treasury Fixed Coupon Bonds.

             (3)  For the purposes of this section:

                     (a)  the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and

                     (b)  the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.

5A  Increase in limit on stock and securities on issue—special circumstances

             (1)  If the Treasurer is satisfied that there are special circumstances that would justify increasing the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time, he or she may make a written declaration to that effect.

             (2)  A declaration under subsection (1) must:

                     (a)  be published in the Gazette; and

                     (b)  be tabled in each House of the Parliament within 15 sitting days after it is published.

The declaration comes into force on the day on which it is published in the Gazette.

             (3)  If a declaration under subsection (1) is in force, the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time is taken to be increased by $125 billion.

             (4)  The Treasurer must not make a declaration under subsection (1) if a declaration made under that subsection is still in force.

             (5)  An increase as a result of subsection (3) in the limit imposed by section 5 on the total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919 at any time, applies on and after the day on which the declaration comes into force, regardless of whether the stock and securities were issued before, on or after that day.

             (6)  A declaration under subsection (1) is not a legislative instrument.

             (7)  The Administrative Decisions (Judicial Review) Act 1977 does not apply to a decision to make a declaration under subsection (1).

6  Stock and interest a charge on revenue

                   The principal money secured by any stock and the interest (if any) thereon shall rank equally and without priority or preference, and shall be a charge on and payable out of the Consolidated Revenue Fund which is hereby appropriated for the purpose.

7  Issue of stock

             (1)  The manner in which, the prices at which and the terms and conditions (including terms and conditions as to redemption and interest) on which stock may be issued and sold shall be as directed by the Governor‑General.

             (2)  Stock may be issued by electronic means.

             (3)  Stock may be issued to a person on trust for other persons.

             (4)  To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.

             (5)  The Treasurer may, on behalf of the Commonwealth, enter into such contracts or arrangements, or execute such deeds of trust or other instruments as the Treasurer considers to be necessary or convenient for the purposes of, or in connection with, the issue of stock as provided by subsection (3).

11  When interest to cease

                   After the expiration of the notice for the redemption of any stock the interest (if any) on the stock specified in the notice shall cease.

13  Stock personal property

                   Stock shall be personal property.


 

Part IIIInscription of stock

Division 1Registries and Registrars

14  Establishment of registries and appointment of Registrars

             (1)  The Treasurer may:

                     (a)  establish Registries for the inscription of stock within the Commonwealth;

                     (c)  appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.

             (2)  Any person may be appointed as a Registrar.

             (3)  To avoid doubt, a person that is:

                     (a)  the operator of a clearing and settlement facility; or

                     (b)  an incorporated company or other body corporate;

may be appointed as a Registrar.

             (4)  A person who holds office as a Registrar must, in the performance of the functions, or the exercise of the powers, of the holder of the office, comply with any relevant requirements:

                     (a)  contained in the instrument appointing the person to the office; or

                     (b)  contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or

                     (c)  made by the regulations.


 

Division 2Inscription of stock

15  Stock to be inscribed

             (1)  All stock issued shall be inscribed in a Stock Ledger at a Registry by entering therein the name of the owner of the legal interest in the stock and the amount thereof, and such other particulars as are prescribed.

             (2)  A Stock Ledger may be kept in an electronic form.

16  Limit of number of names

                   No stock shall be inscribed in the names of more than 4 persons.

17  Stock certificates

             (1)  The Registrar must, when requested by a person who is the owner of the legal interest in any stock, issue to the person a certificate stating that the person is the owner of the stock.

             (2)  A certificate issued under subsection (1) is prima facie evidence that the person specified in the certificate is the owner of the legal interest in the stock so specified.

             (3)  The person who is the owner of the legal interest in any stock may dispose of the interest even though a certificate has not been issued to the person under subsection (1).

18  Owner of legal interest in stock

                   The person whose name is inscribed in a Stock Ledger as the owner of the stock:

                     (a)  is the owner of the legal interest in the stock; and

                     (b)  has power to transfer the interest as provided by this Act and to give effectual receipts for any money paid to the person by way of consideration.

19  Protection of Registrar in relation to trusts

             (1)  Stock may be inscribed in the name of a trustee in the capacity as a trustee whether as trustee of a specified trust or as trustee without specifying a trust.

             (2)  Notwithstanding that stock is inscribed in the name of a trustee in the capacity as a trustee, whether as trustee of a specified trust or as trustee without specifying a trust, the Registrar in the capacity as Registrar:

                     (a)  is not affected with notice of any trust; and

                     (b)  is not required to make any inquiries concerning:

                              (i)  any trust; or

                             (ii)  the propriety of anything done in relation to stock that is inscribed in the name of a trustee or any part of such stock.

20  Preservation of equitable interests

                   Without prejudice to the provisions of this Act relating to the transfer of the legal interests in stock and notice of trusts, it is the intention of this Act that equitable interests may be enforced against the owners of legal interests in stock in the same way as equitable interests may be enforced against the owners of legal interests in other personal property.

21  Stock may not be inscribed in the names of persons under 16 years of age

             (1)  After the commencement of this section, an inscription of stock may not be made in the name of a person who is, or in the joint names of persons any one or more of whom is, under the age of 16 years.

             (2)  However, any stock inscribed at the commencement of this section in the joint names of a person who is under the age of 16 years and one or more other persons may continue to be so inscribed but must not, without the order of a Judge of the Supreme Court of a State or Territory, be transferred until the person reaches that age or dies.

21A  Stock held in official capacity

             (1)  Stock may be inscribed in the name of the holder of a prescribed office in that person’s capacity as holder of the office.

             (2)  The holder of a prescribed office and the holder’s successors in office shall, for the purposes of this Act, be deemed to be a corporation by the name prescribed in relation to the office.

22  Receipts for interest

                   Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.

22A  Inscription in name of Friendly Society or Trade Union

          (1A)  Despite anything in this Act, stock may, subject to this section, be inscribed in the name of any Friendly Society or any branch of a Friendly Society.

             (1)  Notwithstanding anything contained in this Act, stock may, subject to this section, be inscribed in the name of any Trade Union which the Registrar is satisfied is registered under the laws of any State or Territory or any branch of a Trade Union so registered.

             (2)  An application by a Friendly Society, Trade Union or any branch thereof, for inscribed stock shall be in such form and contain such particulars as are prescribed, and any documents prescribed by or under this Act and relating to that stock shall be signed by such 2 or more persons as are appointed in that behalf by the Society, Trade Union or branch, as the case may be.

             (3)  Certificates, receipts and other documents relating to stock inscribed in the name of a Friendly Society, Trade Union or branch shall be issued only to such person as the Society, Trade Union or branch, as the case may be, appoints in that behalf.

             (4)  No transactions under this Act shall be effected in relation to stock inscribed under this section unless they are authorized by the persons appointed by the Society, Trade Union or branch, as the case may be, in accordance with subsection (2), and the Commonwealth shall be under no legal liability in respect of any such transaction which is so authorized.

             (5)  In this section:

Friendly Society means:

                     (a)  a body that is a friendly society for the purposes of the Life Insurance Act 1995; or

                     (b)  a body that is registered or incorporated as a friendly society under a law of a State or Territory; or

                     (c)  a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or

                     (d)  a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.

22B  Inscription of stock in name of unincorporated associations

             (1)  Notwithstanding anything contained in this Act, stock may, subject to this section, be inscribed in the name of an unincorporated association that complies with such conditions as are prescribed.

             (2)  An application for stock made by an unincorporated association shall be in such form and contain such particulars as are prescribed, and any documents prescribed by or under this Act and relating to that stock shall be signed by 2 or more persons appointed by that association to sign such documents.

             (3)  A certificate, receipt or other document relating to stock inscribed in the name of an unincorporated association shall be issued only to a person authorized by the association to receive the document concerned.

             (4)  A transaction under this Act shall not be effected in relation to stock inscribed under this section unless the transaction is authorized by the persons appointed by the unincorporated association in accordance with subsection (2) and the Commonwealth is not under any legal liability in respect of any such transaction that is so authorized.


 

Division 3Transfers and transmissions

23  Transfer to another registry

                   Stock may in the manner prescribed be transferred from one Registry to another Registry.

24  Transfer of stock

             (1)  The regulations may make provision for or in relation to the transfer of legal or equitable interests in stock from one person to another person.

          (1A)  The provision that may be made by the regulations under subsection (1) may include either or both of the following:

                     (a)  a provision for transfer of interests by electronic means;

                     (b)  a provision applying a provision of the Corporations Act 2001 with or without modifications.

             (2)  In this section, person includes:

                     (a)  a Friendly Society or a branch of a Friendly Society;

                     (b)  a Trade Union or a branch of a Trade Union; or

                     (c)  an unincorporated association.

24A  Transfer of certain interests in stock

             (1)  The legal interest, and any equitable interests, in any stock may be transferred from one person to another:

                     (a)  in accordance with regulations made for the purposes of subsection 24(1); or

                     (b)  subject to subsection (2), if the stock is inscribed in a Stock Ledger at a Registry where the Registrar is the operator of a clearing and settlement facility—in any way permitted by the operating rules of the facility (which may, if the operating rules so provide, be a way authorised by the Corporations Act 2001).

             (2)  The Treasurer may, by written notice given to the operator of a clearing and settlement facility, declare that particular operating rules of the facility are not to apply in respect of the transfer of legal or equitable interests in stock.

24B  Record of equitable interests

                   The regulations may require a Registrar that is the operator of a clearing and settlement facility or is an incorporated company or other body corporate:

                     (a)  to keep a record (which may be a record kept by electronic means) of the ownership of any equitable interests in the stock; and

                     (b)  to comply with any provision made by the regulations in relation to the keeping of such a record.

24C  Inscription in Stock Ledger of names of transferees of legal interests in stock

             (1)  The regulations may make provision for or in relation to the inscription in a Stock Ledger of the name of the transferee of a legal interest in the stock as the owner of the stock.

             (2)  The provision that may be made by regulations for the purposes of subsection (1) in relation to the legal interest in stock inscribed in a Stock Ledger that is kept in an electronic form must be provision for the inscription of the legal interest in an electronic form.

27  Limitations on registration of transactions

                   Except where the regulations otherwise provide or the Treasurer approves, a transaction relating to stock shall not be registered or dealt with within 14 days prior to the date upon which interest is due or within 1 month prior to the date of maturity of the stock.

28  Transmission application

                   A person to whom the legal interest in stock is transmitted may apply to a Registrar to be inscribed as the owner of the stock in accordance with the regulations.

29  Verification of transmission

             (1)  Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and

                     (a)  in the case of a transmission consequent on death, the probate of the will, letters of administration or other instrument authorizing a person to administer the estate of a deceased person shall be produced to the Registrar; and

                     (b)  in the case of a transmission consequent on bankruptcy, an office copy of the adjudication or order of sequestration shall be delivered to the Registrar.

             (2)  Where an amount of stock not exceeding the prescribed amount is inscribed in the name of a person who has died, the Treasurer may dispense with the requirement of paragraph (1)(a), and may authorize the transmission of the stock to such person as he or she thinks fit.

             (3)  No person shall have any claim against the Commonwealth in respect of any transmission in pursuance of subsection (2), but nothing in this section shall relieve the person to whom the stock is transmitted from any liability to account for or deal with the stock in accordance with law.

30  Registration of transmission of legal interest

                   If the Registrar at a Registry where particular stock is inscribed is satisfied that the provisions of this Act relating to the transmission of the legal interest in that stock have been complied with, the Registrar must register the transmission by entering particulars of it in the relevant Stock Ledger and inscribe the name of the person to whom the legal interest has been transmitted in the Stock Ledger as the owner of the stock.


 

Division 5Legal provisions

43  Orders to be carried into effect

                   If an order relating to the legal interest in any stock, or having the effect of vesting the legal interest in any stock in a person, made by the Supreme Court of a State or Territory or a Judge of such a Court is served on the Registrar at the Registry where the stock is inscribed, the Registrar must make any entries in the relevant Stock Ledger that are necessary for the purpose of carrying the order into effect.

44  Evidence

             (1)  In any proceeding, a certified copy of:

                     (a)  an entry in a Stock Ledger; or

                     (b)  an extract from an entry in a Stock Ledger; or

                     (c)  a document in the custody of a Registrar that relates to stock;

is admissible in evidence.

             (2)  A document purporting to be a certified copy referred to in subsection (1) is to be taken, unless the contrary is established, to be such a certified copy and to have been duly given.


 

Part VPenal provisions

  

49  False personation

                   Any person who, with intent to defraud, falsely personates any person entitled to the legal interest in any stock or to any money payable in respect of any stock, shall be guilty of an indictable offence.

Penalty:  Imprisonment for 10 years.

50  Falsification of books or documents

                   Any person who fraudulently:

                     (a)  makes any false entry in any book, record, or document relating to stock, or

                     (b)  omits to make any entry in any book, record, or document relating to stock, or

                     (c)  by act or omission falsifies any book, record, or document relating to stock, or

                     (d)  destroys any book, record, or document relating to stock, or

                     (e)  delivers to any person not entitled thereto any stock certificate, or any coupon, warrant, or document for the payment of any money payable in respect of any stock;

shall be guilty of an indictable offence.

Penalty:  Imprisonment for 10 years.

51  Forfeiture of forged documents and illicit forms

                   All forged instruments or documents, the forging or uttering of which is punishable under this Act shall be forfeited to the Crown, and may be seized by any member of the police force of the Commonwealth or a State.


 

Part VATreasury Bonds

  

51A  Power to make out and issue Treasury Bonds

             (1)  The Governor‑General may authorize the Treasurer from time to time to make out bonds called Treasury Bonds or Australian Consolidated Treasury Bonds, Debentures and such other securities as are prescribed, for:

                     (a)  raising money by way of loan;

                    (aa)  converting any loan raised by the Commonwealth into any other loan so raised; and

                     (b)  paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.

             (2)  Treasury Bonds, Debentures or other securities made out pursuant to paragraph (1)(a) shall not be issued or sold unless authority to borrow the money to be raised by the issue or sale is granted by an Act.

             (3)  Notwithstanding subsection (1), Treasury Bonds, Debentures or other prescribed securities shall not be made out, issued or sold in connection with any loan raised after the commencement of this subsection.

51B  Sale of Treasury Bonds

                   The manner in which, the prices at which and the terms and conditions (including terms and conditions as to redemption and interest) on which Treasury Bonds, Debentures and other prescribed securities may be issued and sold shall be as directed by the Governor‑General.

51BA  Breach of terms or conditions of issue of Treasury Bonds

                   Any person who contravenes or fails to comply with any term or condition on which a Treasury Bond, Debenture or other prescribed security is issued or sold, shall be guilty of an offence against this Act.

Penalty:  $200 or imprisonment for 6 months, or both, and, in addition, an amount equal to 10% of the nominal value of the Treasury Bond, Debenture or other prescribed security in respect of which the offence is committed.

51C  Treasury Bills Act to apply to Bonds and other securities

                   Subject to the Regulations, the provisions of the Treasury Bills Act 1914 shall apply to Treasury Bonds, Debentures and other prescribed securities, as if they were Treasury Bills issued under that Act.

51E  Conversion of stock, Treasury Bonds and other securities

             (1)  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.

             (2)  Notwithstanding subsection (1), stock issued or sold after the commencement of this subsection may not be exchanged for Treasury Bonds, Debentures or other prescribed securities.

51G  Treasury Bonds may be repurchased out of war loans

                   When Treasury Bonds which have been issued and sold for raising money by way of loan for war purposes are presented for payment in accordance with the terms and conditions under which they were issued and sold, the Treasurer may repurchase or redeem them from the proceeds of any loan raised for war purposes.


 

Part VBDelegations and authorisations

  

51H  Delegation by Governor‑General and authorisation by Treasurer

             (1)  The Governor‑General may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Governor‑General, delegate to the Treasurer all or any of his or her powers under sections 4, 7 and 51B.

             (2)  The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:

                     (a)  a specified person;

                     (b)  a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or

                     (c)  a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;

to exercise a power that has been delegated to the Treasurer under subsection (1).

             (3)  Any act or thing done:

                     (a)  by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or

                     (b)  by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);

has the same force and effect as if it had been done by the Governor‑General.

             (4)  A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.

             (5)  The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.

51J  Directions by Governor‑General and Treasurer

                   Where the Governor‑General has delegated a power to the Treasurer under section 51H:

                     (a)  the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and

                     (b)  if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:

                              (i)  shall, if the Governor‑General gives a direction to the Treasurer under paragraph (a) with respect to the exercise of that power, give a corresponding direction to the other person; and

                             (ii)  may, subject to any direction given to the Treasurer under paragraph (a), give directions to the other person with respect to the exercise of that power.

51JA  Delegation by Treasurer of powers under section 3A

             (1)  The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under section 3A to:

                     (a)  an SES employee in the Department; or

                     (b)  an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or

                     (c)  a person appointed as a staff member of the Reserve Bank Service under section 67 of the Reserve Bank Act 1959 who occupies an office or position at an equivalent level to that of an SES employee, or an Executive Level 2, in the Department.

             (2)  The Treasurer must, by signed instrument, give a direction as to the maximum total face value of stock and securities that may be on issue under this Act and the Loans Securities Act 1919, disregarding stock and securities of the kind mentioned in subsection 5(2), in relation to borrowings under section 3A of this Act and section 4 of the Loans Redemption and Conversion Act 1921 while the direction is in force.

             (3)  In exercising the Treasurer’s powers under section 3A, a delegate must comply with:

                     (a)  a direction in force under subsection (2); and

                     (b)  any other direction given, by signed instrument, to the delegate by the Treasurer.

             (4)  The Treasurer must table a direction given under subsection (2) or paragraph (3)(b) in each House of the Parliament no later than 15 sitting days of that House after it is given.

51K  Delegation by Treasurer of powers under sections 14 and 29

             (1)  The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Treasurer, delegate to:

                     (a)  a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or

                     (b)  a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;

all or any of the powers of the Treasurer under sections 14 and 29.

             (2)  A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the Treasurer.

             (3)  A delegation under this section does not prevent the exercise of a power by the Treasurer.


 

Part VIMiscellaneous

  

52  Investments in stock

                   Any person who is authorized to invest money upon any security of the Government of the Commonwealth or of a State may invest such money in stock.

52A  Stock certificates etc. not liable to stamp duty

             (1)  The following instruments and documents shall not be liable to stamp duty or other tax under any other law of the Commonwealth or of a State or Territory unless they are declared to be so liable by the prospectus relating to the loan in respect of which they are issued or used:

                     (a)  stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;

                     (b)  documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;

                     (c)  cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;

                     (d)  documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and

                     (e)  cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.

          (1A)  Stamp duty or other tax under any law of the Commonwealth, law of a State or law of a Territory is not payable in respect of any inscription, transfer or transmission of any interest in stock that is effected by electronic means.

             (2)  In this section:

bank includes, but is not limited to, a body corporate that is an ADI (authorised deposit‑taking institution) for the purposes of the Banking Act 1959.

52B  Liability of interest to income tax

             (1)  If:

                     (a)  a person derives interest from Stock, from Treasury Bonds or from other securities prescribed for the purposes of section 51A; and

                     (b)  the prospectus relating to the loan on which the interest is payable stated that the interest would not be liable to income tax under any law of a State;

the interest so derived is not liable to income tax under any law of a State.

             (2)  Notwithstanding anything contained in any other Act, if in any prospectus or form of application issued in relation to a loan raised after 12 September 1931 it is so declared, the interest derived by any person in any financial year from that loan shall be free from income tax payable under the law of the Commonwealth to the same extent as interest derived from new securities referred to in section 20 of the Commonwealth Debt Conversion Act 1931.

             (3)  Notwithstanding anything contained in any other Act, where it is declared, in any prospectus relating to the raising of a loan by means of the issue of Treasury Bonds known as War Savings Certificates or Savings Certificates, that the certificates will be free of Commonwealth income tax, the interest derived by any person in any financial year from those Bonds shall be free from income tax payable under any law of the Commonwealth.

54  Record of unclaimed interest

             (1)  Each Registrar is to keep a record of the persons:

                     (a)  whose names are entered in a Stock Ledger as the owners of legal interests in stock; and

                     (b)  in respect of whose stock a claim for interest has not been made for at least 10 years.

             (2)  The record may be kept by electronic means.

             (3)  The record must include such particulars of the address, and occupation or description, of each person as are entered in the relevant Stock Ledger.

             (4)  A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.

55  Forms

             (1)  Each Registrar shall keep the prescribed forms.

             (2)  No forms other than the prescribed forms shall be used except with the approval of the Treasurer.

56  Powers of attorney

             (1)  Any person may, by power of attorney under his or her hand and seal and attested, appoint some person to be his or her attorney for any purpose in relation to stock.

             (2)  Every power of attorney in relation to stock, or a certified copy of such a power, shall be deposited, or produced to the Registrar, at the Registry where the stock to which the power of attorney relates is inscribed.

             (3)  A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:

                     (a)  the bankruptcy;

                     (b)  the death; or

                     (c)  where, apart from this subsection, the power of attorney would cease so to have effect because of the mental incapacity of the principal—the mental incapacity;

of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.

57B  Application of certain provisions of Treasury Bills Act to stamps

                   The provisions of sections 13, 13A, 13B and 14 of the Treasury Bills Act 1914 shall apply in relation to War Savings Stamps, Savings Stamps and National Savings Stamps in the like manner as they apply in relation to Treasury Bills.

58  Regulations

                   The Governor‑General may make regulations, not inconsistent with this Act, prescribing the fees payable under this Act and all matters and forms required or necessary or convenient to be prescribed for carrying out or for giving effect to this Act or for the conduct of any business at or in connexion with any Registry.


Notes to the Commonwealth Inscribed Stock Act 1911

Note 1

The Commonwealth Inscribed Stock Act 1911 as shown in this compilation comprises Act No. 20, 1911 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 24 November 2000 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act

Number
and year

Date
of Assent

Date of commencement

Application, saving or transitional provisions

Commonwealth Inscribed Stock Act 1911

20, 1911

22 Dec 1911

22 Dec 1911

 

Commonwealth Inscribed Stock Act 1912

40, 1912

24 Dec 1912

24 Dec 1912

Commonwealth Inscribed Stock Act 1913

16, 1913

19 Dec 1913

19 Dec 1913

Commonwealth Inscribed Stock Act 1915

26, 1915

16 Aug 1915

16 Aug 1915

Loans Sinking Fund Act 1918

6, 1918

28 May 1918

1 July 1916

Commonwealth Inscribed Stock Act 1918

7, 1918

28 May 1918

Ss. 5 and 6: 1 Jan 1918
Remainder: 28 May 1918

Commonwealth Inscribed Stock Act 1927

2, 1927

8 Apr 1927

8 Apr 1927

Commonwealth Inscribed Stock Act 1932

25, 1932

30 May 1932

12 Sept 1931

S. 6

Commonwealth Inscribed Stock Act 1933

5, 1933

30 May 1933

30 May 1933

Commonwealth Inscribed Stock Act 1940

25, 1940

1 June 1940

29 June 1940

Commonwealth Inscribed Stock Act 1943

58, 1943

22 Oct 1943

22 Oct 1943

Commonwealth Inscribed Stock Act 1945

26, 1945

16 Aug 1945

13 Sept 1945

Commonwealth Inscribed Stock Act 1946

21, 1946

1 Aug 1946

29 Aug 1946

Commonwealth Inscribed Stock Act 1963

18, 1963

28 May 1963

5 Feb 1964 (see Gazette 1964, p. 536)

Statute Law Revision (Decimal Currency) Act 1966

93, 1966

29 Oct 1966

1 Dec 1966

Statute Law Revision Act 1973

216, 1973

19 Dec 1973

31 Dec 1973

Ss. 9(1) and 10

Income Tax (Arrangements with the States) Act 1978

87, 1978

22 June 1978

22 June 1978

Jurisdiction of Courts (Miscellaneous Amendments) Act 1979

19, 1979

28 Mar 1979

Parts II–XVII (ss. 3–123): 15 May 1979 (see Gazette 1979, No. S86)
Remainder: Royal Assent

S. 124

Commonwealth Inscribed Stock Amendment Act 1979

95, 1979

28 Sept 1979

28 Sept 1979

S. 5(2)

Crimes (Currency) Act 1981

122, 1981

17 Sept 1981

Ss. 1‑3: Royal Assent
Remainder: 16 Dec 1985 (see s. 2(2))

as amended by

 

 

 

 

Statute Law (Miscellaneous Provisions) Act (No. 2) 1985

193, 1985

16 Dec 1985

S. 3: 16 Dec 1985 (a)

S. 16

Statute Law (Miscellaneous Provisions) Act (No. 1) 1984

72, 1984

25 June 1984

S. 3: 2 June 1984 (see Gazette 1984, No. S245) (b)

S. 5(1)

Statute Law (Miscellaneous Provisions) Act (No. 1) 1986

76, 1986

24 June 1986

S. 3: Royal Assent (c)

S. 9

Statute Law (Miscellaneous Provisions) Act 1988

38, 1988

3 June 1988

S. 3: Royal Assent (d)

S. 5(1)

Taxation Laws Amendment Act (No. 3) 1989

107, 1989

30 June 1989

Part 6 (ss. 29, 30): 24 Nov 1988 (see s. 2(2))
Remainder: Royal Assent

Audit (Transitional and Miscellaneous) Amendment Act 1997

152, 1997

24 Oct 1997

Schedule 1 (items 633, 634): 1 Jan 1998 (see Gazette 1997, No. GN49) (e)

Financial Sector Reform (Consequential Amendments) Act 1998

48, 1998

29 Jun 1998

Schedule 1 (item 36): 1 July 1998 ( see Gazette 1998, No. S316) (f)

Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999

44, 1999

17 June 1999

Schedule 7 (items 19–21): (g)

S. 3(2)(e) (am. by 160, 2000, Sch. 4 [item 4])

as amended by

 

 

 

 

Financial Sector Legislation Amendment Act (No. 1) 2000

160, 2000

21 Dec 2000

Schedule 1 (item 21): Royal Assent
Remainder: 18 Jan 2001

Statute Stocktake Act 1999

118, 1999

22 Sept 1999

22 Sept 1999

Public Employment (Consequential and Transitional) Amendment Act 1999

146, 1999

11 Nov 1999

Schedule 1 (items 320, 321): 5 Dec 1999 (see Gazette 1999, No. S584) (h)

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000

137, 2000

24 Nov 2000

Ss. 1–3 and Schedule 1 (items 1, 4, 6, 7, 9‑11, 32): Royal Assent
Remainder: 24 May 2001

Sch. 2 (items 418, 419) [see Table A]

Commonwealth Inscribed Stock Amendment Act 2002

21, 2002

4 Apr 2002

Schedule 1: 4 Oct 2002
Remainder: Royal Assent

Statute Law Revision Act 2008

73, 2008

3 July 2008

Schedule 4 (items 189, 190): 4 July 2008

Commonwealth Securities and Investment Legislation Amendment Act 2008

78, 2008

12 July 2008

Schedule 1 (items 1–5, 12–14): 13 July 2008

Sch. 1 (items
12–14) [see Table A]

Commonwealth Inscribed Stock Amendment Act 2009

3, 2009

18 Feb 2009

18 Feb 2009


(a)     The Crimes Currency Act 1981 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 2) 1985, subsections 2(1) and (7) of which provide as follows:

                 (1)   Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

                 (7)   The amendments of the Crimes (Currency) Act 1981 made by this Act (other than the amendment of section 2 of that Act) shall come into operation immediately after the amendment of section 2 of that Act made by this Act comes into operation.

(b)    The Commonwealth Inscribed Stock Act 1911 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1984, subsection 2(5) of which provides as follows:

                 (5)   The amendments of the Commonwealth Inscribed Stock Act 1911 made by this Act shall come into operation on a day to be fixed by Proclamation.

(c)     The Commonwealth Inscribed Stock Act 1911 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act (No. 1) 1986, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(d)     The Commonwealth Inscribed Stock Act 1911 was amended by section 3 only of the Statute Law (Miscellaneous Provisions) Act 1988, subsection 2(1) of which provides as follows:

                 (1)   Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(e)     The Commonwealth Inscribed Stock Act 1911 was amended by Schedule 2 (items 633 and 634) only of the Audit (Transitional and Miscellaneous) Amendment Act 1997, subsection 2(2) of which provides as follows:

                 (2)   Schedules 1, 2 and 4 commence on the same day as the Financial Management and Accountability Act 1997.

(f)      The Commonwealth Inscribed Stock Act 1911 was amended by Schedule 1 (item 36) only of the Financial Sector Reform (Consequential Amendments) Act 1998, subsection 2(2) of which provides as follows:

                 (2)   Subject to subsections (3) to (14), Schedules 1, 2 and 3 commence on the commencement of the Australian Prudential Regulation Authority Act 1998.

(g)     The Commonwealth Inscribed Stock Act 1911 was amended by Schedule 7 (items 19–21) only of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, subsections 3(2) and (16) of which provide as follows:

                 (2)   The following provisions commence on the transfer date:

                      (e)   subject to subsection (12), Schedule 7, other than items 43, 44, 118, 205 and 207 (the commencement of those items is covered by subsections (10), (11) and (13)).

               (16)   The Governor‑General may, by Proclamation published in the Gazette, specify the date that is to be the transfer date for the purposes of this Act.

         The transfer date was 1 July 1999 (see Gazette 1999, No. S283).

(h)     The Commonwealth Inscribed Stock Act 1911 was amended by Schedule 1 (items 320 and 321) only of the Public Employment (Consequential and Transitional) Amendment Act 1999, subsections 2(1) and (2) of which provide as follows:

                 (1)   In this Act, commencing time means the time when the Public Service Act 1999 commences.

                 (2)   Subject to this section, this Act commences at the commencing time.


Table of Amendments

ad. = added or inserted      am. = amended      rep. = repealed      rs. = repealed and substituted

Provision affected

How affected

Title......................................

am. No. 25, 1932

Part I

 

S. 2......................................

am. Nos. 6 and 7, 1918; No. 26, 1945

 

rs. No. 18, 1963

 

rep. No. 216, 1973

S. 3......................................

am. No. 25, 1932; No. 26, 1945; No. 72, 1984; No. 38, 1988; No. 21, 2002

Part II

 

S. 3A...................................

ad. No. 78, 2008

S. 4......................................

am. No. 25, 1932; No. 26, 1945; No. 95, 1979; No. 72, 1984; No. 21, 2002; No. 78, 2008

S. 5......................................

am. No. 26, 1915

 

rep. No. 18, 1963

 

ad. No. 78, 2008

S. 5A...................................

ad. No. 3, 2009

S. 6......................................

am. No. 18, 1963

Heading to s. 7....................

rs. No. 21, 2002

S. 7......................................

am. No. 18, 1963

 

rs. No. 95, 1979

 

am. No. 21, 2002

S. 8......................................

rs. No. 5, 1933

 

am. No. 18, 1963

 

rep. No. 95, 1979

Ss. 9, 10..............................

rep. No. 95, 1979

S. 11....................................

am. No. 18, 1963

S. 12....................................

rep. No. 21, 2002

Part III

 

Division 1

 

S. 14....................................

am. No. 38, 1988; No. 21, 2002

Division 2

 

S. 15....................................

am. No. 21, 2002

S. 16....................................

am. No. 72, 1984

Ss. 17, 18............................

rs. No. 21, 2002

S. 19....................................

rs. No. 72, 1984

 

am. No. 21, 2002

S. 20A.................................

ad. No. 7, 1918

 

rep. No. 26, 1945

S. 20....................................

rs. No. 21, 2002

S. 21....................................

am. No. 216, 1973; No. 19, 1979; No. 72, 1984

 

rs. No. 21, 2002

S. 21A.................................

ad. No. 38, 1988

S. 22A.................................

ad. No. 2, 1927

 

am. No. 216, 1973; No. 72, 1984; No. 44, 1999

S. 22B.................................

ad. No. 72, 1984

Division 3

 

S. 24....................................

am. No. 5, 1933

 

rs. No. 18, 1963

 

am. No. 72, 1984; No. 21, 2002

Ss. 24A–24C.......................

ad. No. 21, 2002

Ss. 25, 26............................

am. No. 5, 1933

 

rep. No. 18, 1963

S. 27....................................

rs. No. 26, 1945

 

am. No. 18, 1963; No. 72, 1984

S. 28....................................

rs. No. 21, 2002

S. 29....................................

am. No. 2, 1927; No. 26, 1945; No. 18, 1963; No. 216, 1973; No. 72, 1984; No. 21, 2002

S. 30....................................

rs. No. 21, 2002

S. 31....................................

rep. No. 18, 1963

S. 32....................................

rs. No. 26, 1915

 

rep. No. 18, 1963

Div. 4 of Part III ...................

rep. No. 26, 1945

Ss. 33–42............................

rep. No. 26, 1945

Division 5

 

S. 43....................................

am. No. 216, 1973; No. 19, 1979

 

rs. No. 21, 2002

S. 44....................................

rs. No. 21, 2002

S. 44A.................................

ad. No. 16, 1913

 

rep. No. 216, 1973

Part IV.................................

rep. No. 6, 1918

S. 45....................................

am. No. 40, 1912

 

rep. No. 6, 1918

Ss. 46, 47............................

rep. No. 6, 1918

S. 48....................................

am. No. 26, 1945; No. 122, 1981; No. 72, 1984; No. 38, 1988

 

rep. No. 137, 2000

Part V

 

S. 49....................................

am. No. 72, 1984; No. 21, 2002

S. 50....................................

am. No. 26, 1945; No. 72, 1984

S. 51....................................

am. No. 216, 1973; No. 122, 1981

Part VA

 

Part VA ..............................

ad. No. 26, 1915

S. 51A.................................

ad. No. 26, 1915

 

am. No. 25, 1932; No. 26, 1945; No. 95, 1979; No. 72, 1984

S. 51B.................................

ad. No. 26, 1915

 

am. No. 25, 1932

 

rs. No. 95, 1979

S. 51BA...............................

ad. No. 25, 1940

 

am. No. 93, 1966; No. 72, 1984

S. 51C.................................

ad. No. 26, 1915

 

am. No. 25, 1932; No. 72, 1984

S. 51D.................................

ad. No. 26, 1915

 

rep. No. 25, 1932

S. 51E..................................

ad. No. 26, 1915

 

rs. No. 18, 1963

 

am. No. 72, 1984

S. 51F..................................

ad. No. 7, 1918

 

am. No. 72, 1984

 

rep. No. 152, 1997

S. 51G.................................

ad. No. 7, 1918

Part VB

 

Part VB ...............................

ad. No. 95, 1979

S. 51H.................................

ad. No. 95, 1979

 

am. No. 146, 1999; No. 21, 2002; No. 73, 2008

S. 51J..................................

ad. No. 95, 1979

S. 51JA...............................

ad. No. 78, 2008

Heading to s. 51K................

am. No. 78, 2008

S. 51K.................................

ad. No. 76, 1986

 

am. No. 38, 1988; No. 146, 1999

Part VI

 

S. 52A.................................

ad. No. 26, 1915

 

am. No. 7, 1918

 

rs. No. 2, 1927

 

am. No. 25, 1932

 

rs. No. 26, 1945

 

am. No. 216, 1973 ; No. 48, 1998; No. 21, 2002

S. 52B.................................

ad. No. 26, 1915

 

am. No. 7, 1918; No. 25, 1932; No. 25, 1940; No. 21, 1946; No. 87, 1978; No. 72, 1984; No. 107, 1989

S. 52C.................................

ad. No. 26, 1915

 

rs. No. 18, 1963

 

am. No. 72, 1984

 

rep. No. 118, 1999

S. 53....................................

am. No. 216, 1973

 

rs. No. 95, 1979

 

rep. No. 152, 1997

S. 54....................................

am. No. 72, 1984

 

rs. No. 21, 2002

S. 56....................................

am. No. 26, 1945; No. 216, 1973; No. 76, 1986; No. 38, 1988; No. 73, 2008

S. 57....................................

rep. No. 2, 1927

 

ad. No. 58, 1943

 

am. No. 21, 1946

 

rep. No. 216, 1973

Ss. 57AA, 57AB.................

ad. No. 21, 1946

 

rep. No. 216, 1973

S. 57A.................................

ad. No. 58, 1943

 

am. No. 26, 1945

 

rep. No. 216, 1973

S. 57B.................................

ad. No. 58, 1943

 

am. No. 21, 1946; No. 72, 1984


Table A

Application, saving or transitional provisions

Criminal Code Amendment (Theft, Fraud, Bribery and Related Offences) Act 2000 (No. 137, 2000)

Schedule 2

418  Transitional—pre‑commencement offences

(1)        Despite the amendment or repeal of a provision by this Schedule, that provision continues to apply, after the commencement of this item, in relation to:

                     (a)  an offence committed before the commencement of this item; or

                     (b)  proceedings for an offence alleged to have been committed before the commencement of this item; or

                     (c)  any matter connected with, or arising out of, such proceedings;

as if the amendment or repeal had not been made.

(2)        Subitem (1) does not limit the operation of section 8 of the Acts Interpretation Act 1901.

419  Transitional—pre‑commencement notices

If:

                     (a)  a provision in force immediately before the commencement of this item required that a notice set out the effect of one or more other provisions; and

                     (b)  any or all of those other provisions are repealed by this Schedule; and

                     (c)  the first‑mentioned provision is amended by this Schedule;

the amendment of the first‑mentioned provision by this Schedule does not affect the validity of such a notice that was given before the commencement of this item.

 

Commonwealth Securities and Investment Legislation Amendment Act 2008 (No. 78, 2008)

Schedule 1

12  Application of items 1 and 5

The amendments made by items 1 and 5 of this Schedule apply to money borrowed on or after the commencement of those items.

13  Application of items 2 and 3

The amendments made by items 2 and 3 of this Schedule apply to stock and securities issued on or after the commencement of those items.

14  Application of item 4

The amendment made by item 4 of this Schedule applies on or after the commencement of that item, regardless of whether the stock and securities were issued before, on or after the commencement of that item.