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STATUTORY RULES.

1962. No. 57.

REGULATIONS UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1946.*

I, THE ADMINISTRATOR of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Inscribed Stock Act 1911-1946.

Dated this thirteenth day of July, 1962.

DALLAS BROOKS

Administrator.

By His Excellency’s Command,

(SGD.) HAROLD HOLT

Treasurer.

Amendments of the Commonwealth Inscribed Stock Regulations.†

1. Regulation 3 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

Parts.

“3. These Regulations are divided into Parts, as follows:—

Part I.—Preliminary (Regulations 1-6).

Part II.—Provisions Relating to Stock (Regulations 7-42).

Part III.—Provisions Relating to Treasury Bonds (Regulations 43-54).

Part IIIa.—Provisions Relating to Treasury Notes (Regulations 54a-54zb).

Part IV.—Powers of Attorney (Regulations 55-58).

Part V.—Miscellaneous (Regulations 59-70).”.

Definitions.

2. Regulation 4 of the Commonwealth Inscribed Stock Regulations is amended by omitting the definition of “the Act” and inserting in its stead the following definitions:—

“‘security’ means security issued under the Act;

‘the Act’ means the Commonwealth Inscribed Stock Act 1911-1946;”.

3. After Part III. of the Commonwealth Inscribed Stock Regulations the following Part is inserted:—

* Notified in the Commonwealth Gazette on 13th July, 1962.

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

4554/62.—Price 5d. 13/5.7.1962.

“Part IIIa.—Provisions Relating to Treasury Notes.

Interpretation.

“54a.—(1.) In this Part, unless the contrary intention appears—

‘approved form’ means a form approved by the Treasurer;

‘registered’ means registered in the Treasury Note Register at a Registry and ‘registration’ has a corresponding meaning;

‘registered holder’, relation to a Treasury Note, means a person registered (whether solely or jointly with another person or with other persons) as a holder of the Treasury Note;

‘the Registrar’, in relation to a registered holder of a Treasury Note, means the Registrar at the Registry at which is kept the Treasury Note Register in which the registered holder is registered as a holder of the Treasury Note;

‘Treasury Note Register’ means a Register of Holders of Treasury Notes kept at a Registry under regulation 54e of these Regulations,

“(2.) For the purposes of this Part, a notification to one of a number of persons registered jointly as holders of a Treasury Note shall be deemed to be a notification to all.

Treasury Note to be prescribed security.

“54b.—(1.) A security in accordance with Form 39a, to be known as a Treasury Note, is a prescribed security for the purposes of section 51a of the Act.

“(2.) Treasury Notes shall be numbered in such manner as the Treasurer approves.

Application of Treasury Bills Act to Treasury Notes.

“54c.—(1.) Sections four, eight and eight a of the Treasury Bills Act 1914-1940 do not apply in relation to a Treasury Note.

“(2.) Section six of the Treasury Bills Act 1914-1940, to the extent that it is inconsistent with regulation 54m of these Regulations, does not apply in relation to a Treasury Note.

Applications for Treasury Notes.

“54d. An application to purchase Treasury Notes shall be in accordance with an approved form.

Treasury Note Register.

“54e. There shall be kept at each Registry, in an approved form, a Register of Holders of Treasury Notes.

Registration of holders of Treasury Notes.

“54f.—(1.) A person who makes application for a Treasury Note may include in the application a request in accordance with an approved form that the Treasury Note be not delivered to him but that he be registered as the holder of the Treasury Note.

“(2.) A person who makes application for a Treasury Note may include in his application a request that the Treasury Note be delivered to a bank (including a savings bank) for safe custody and, where he does so, the bank may request, in accordance with an approved form, that the Treasury Note be not delivered to it but that it be registered as the holder of the Treasury Note.

“(3.) The last preceding sub-regulation does not affect any obligation of the bank to deliver a Treasury Note to the person.

“(4.) A person who deposits a Treasury Note with a Registrar may request, in accordance with an approved form, that he be registered as the holder of the Treasury Note.

“(5.) A Registrar shall comply with a request for registration under this regulation.

“(6.) Where a request is made, in accordance with sub-regulation (1.) or (4.) of this regulation, for the registration of two or more persons as the holders of a Treasury Note, those persons shall, subject to the next succeeding sub-regulation, be registered jointly as the holders of that Treasury Note.

“(7.) Not more than four persons shall be registered jointly as holders of a Treasury Note.

Transfer of registration within the same Register.

“54g.—(1.) A registration with respect to a Treasury Note in a Treasury Note Register in the name of a person may be transferred to another person in pursuance of an instrument of transfer and acceptance, in accordance with an approved form, executed by both parties.

“(2.) An instrument of transfer and acceptance under this regulation—

(a) shall be attested in accordance with regulation 23 of these Regulations as if it related to stock; and

(b) shall be lodged with the Registrar at the Registry at which the Treasury Note Register is kept.

“(3.) A Registrar with whom an instrument of transfer and acceptance under this regulation is lodged shall, subject to the next succeeding sub-regulation, alter the registration accordingly.

“(4.) Where the registration to which an instrument of transfer and acceptance under this regulation relates is in the name of a person who has not attained the age of fourteen years, whether the registration is in the name of the person solely or in the names of the person and another person or other persons jointly, a Registrar shall not alter the registration without the consent, in writing, of the first-mentioned person’s parent or guardian.

Marked transfers.

“54h.—(1.) A Registrar may mark an instrument of transfer and acceptance under the last preceding regulation, being an instrument that has been executed by the transferor only, with the words ‘No change in the registration to which this instrument relates will be made for a period of fourteen days from , 19 , except by virtue of this instrument’.

“(2.) Where a Registrar marks an instrument under the last preceding sub-regulation, he shall not, during the period referred to in the marking, make any change in the registration to which the instrument relates, except by virtue of the instrument.

Transfer of registration from one Register to another.

“54j.—(1.) A registered holder of a Treasury Note may make application, in accordance with an approved form, to the Registrar to transfer the registration with respect to the Treasury Note to another Treasury Note Register.

“(2.) A Registrar at a Registry to whom an application is made under the last preceding sub-regulation shall—

(a) request, in accordance with an approved form, the Registrar at the Registry at which is kept the Treasury Note Register to which the registration is to be transferred to enter the registration in that Treasury Note Register; and

(b) cancel the registration in the Treasury Note Register at the first-mentioned Registry.

“(3.) A Registrar shall comply with a request made to him under the last preceding sub-regulation.

Transfer of registration from one person at one Registry to another person at another Registry.

“54k.—(1.) A registered holder of a Treasury Note may make application, in accordance with an approved form, to the Registrar to cancel his registration with respect to the Treasury Note and, in lieu thereof, to arrange for the registration of another person (in this regulation called the transferee) as the holder of the Treasury Note in another Treasury Note Register.

“(2.) Subject to the next succeeding sub-regulation, a Registrar to whom an application is made under the last preceding sub-regulation shall, in accordance with an approved form, notify the Registrar at the other Registry referred to in the application of the making of the application and request that Registrar to register the transferee as the holder of the Treasury Note.

“(3.) Where a person making an application under sub-regulation (1.) of this regulation has not attained the age of fourteen years, a Registrar shall not take action under the last preceding sub-regulation without the consent, in writing, of the person’s parent or guardian.

“(4.) A Registrar shall not register the transferee in accordance with a request under sub-regulation (2.) of this regulation unless the transferee lodges with the Registrar a consent to registration in accordance with an approved form.

“(5.) A Registrar who registers the transferee in accordance with a request under sub-regulation (2.) of this regulation shall, in accordance with an approved form, notify the Registrar at whose request the registration was made of the making of the registration.

“(6.) A Registrar who receives a notification under the last preceding sub-regulation of the registration of a person as the holder of a Treasury Note shall cancel the registration with respect to the Treasury Note in the Treasury Note Register at his Registry.

“(7.) An application made to a Registrar under sub-regulation (1.) of this regulation may not be withdrawn without the consent of the Registrar.

Treasury Note to be delivered up on request.

“54l.—(1.) A registered holder of a Treasury Note may, at any time, request the Registrar, in accordance with an approved form, to deliver up to him a Treasury Note of the same value, currency and maturity date as that first-mentioned Treasury Note.

“(2.) A Registrar to whom a registered holder makes a request under the last preceding sub-regulation shall—

(a) deliver up to the registered holder a Treasury Note of the value, currency and maturity date requested; and

(b) cancel the registration of the registered holder with respect to the Treasury Note to which the request related.

“(3.) Where a person making a request under sub-regulation (1.) of this regulation has not attained the age of fourteen years, a Registrar may deliver the Treasury Note to the parent or guardian of the person instead of to the person himself.

Redemption by payment to registered holder.

“54m.—(1.) Where a Treasury Note in respect of which a person is registered as the holder solely, or in respect of which two or more persons are registered as the holders jointly, matures, it may be redeemed by payment of the amount secured to the registered holder or to the registered holders, as the case may be.

“(2.) Where a Treasury Note is redeemed under this regulation the Registrar shall cancel the registration of the registered holder or registered holders with respect to the Treasury Note.

“(3.) A Registrar may make a payment under this regulation to the parent or guardian of a registered holder who has not attained the age of fourteen years instead of to the registered holder himself.

Instruments, &c., to be executed by all joint holders.

“54n. Where two or more persons are registered jointly as holders of a Treasury Note, any instrument, application or request under the preceding provisions of this Part with respect to the Treasury Note shall be executed or made by both or all of the persons so registered.

Notification of registration, &c.

“54p.—(1.) A Registrar shall, upon registering a person, or cancelling the registration of a person, as the holder of a Treasury Note, notify the person accordingly in accordance with an approved form.

“(2.) This regulation does not apply in relation to a cancellation of a registration under regulation 54m of these Regulations.

Certificates as to registration as holder of Treasury Notes.

“54q.—(1.) Upon request, in accordance with an approved form, by a registered holder of a Treasury Note, the Registrar shall issue a certificate, in accordance with an approved form, to the registered holder giving particulars of the registration in relation to the Treasury Note as at the date of issue of the certificate.

“(2.) If the Registrar so approves, a request under the last preceding sub-regulation may be made by, or a certificate under that sub-regulation may be issued to, a person authorized to act on behalf of the registered holder.

“(3) A Registrar shall keep a record of each certificate issued by him under this regulation.

Registration of executors, &c.

“54r. Regulation 13 of these Regulations applies in relation to the registration of an executor, administrator or trustee as a holder of a Treasury Note as if that registration were an inscription of stock.

Registration of body corporate.

“54s.—(1.) Subject to this regulation, a body corporate shall not be registered as a holder of a Treasury Note in a Treasury Note Register at a Registry unless there are furnished to the Registrar at the Registry, or the Registrar at the Registry is in possession of, such documents as would, under regulation 15 of these Regulations, be required to be furnished to the Registrar before stock was inscribed in the name of the body corporate.

“(2.) An authentication of a copy of the seal of the body corporate furnished under this regulation shall be in accordance with an approved form.

“(3.) A power of attorney furnished under this regulation shall authorize dealings in Treasury Notes on behalf of the body corporate.

Registration of Friendly Societies, &c.

“54t. A Friendly Society or a Trade Union or a branch of a Friendly Society or of a Trade Union shall not be registered as a holder of a Treasury Note in a Treasury Note Register at a Registry unless there is furnished to the Registrar at the Registry, or the Registrar at the Registry is in possession of, a certificate, in accordance with an approved form, setting out the names of the persons appointed to act on behalf of the Society, Union or branch in relation to Treasury Notes.

Change of name on marriage.

“54u—(l.) Where a woman who is a registered holder of a Treasury Note marries, the Registrar may, on the application of the woman in accordance with an approved form, change the name under which the woman is registered to her married name.

“(2.) Where a Registrar has, under the last preceding sub-regulation, changed the name under which a woman is registered, he shall notify the woman accordingly in accordance with an approved form.

Recording of death of registered holder.

“54v. Where a registered holder of a Treasury Note dies, the Registrar may, upon production to him of probate of the will, or of letters of administration of the estate, of the deceased person—

(a) record the death in the Treasury Note Register; and

(b) if the deceased person is registered jointly with another person or with other persons—register that other person as the holder, or those other persons jointly as the holders, of the Treasury Note.

Probates, &c., to be exhibited.

“54w. All probates, letters of administration, orders of sequestration, vesting orders and other like orders relating to a registered holder of a Treasury Note shall be produced to the Registrar at his Registry at least two clear days before he takes action under them to make any necessary changes in the Register.

Transmission application.

“54x.—(1.) Where a registered holder of a Treasury Note is dead, bankrupt or insolvent, a person who claims that the interest of the registered holder in the Treasury Note has become vested in him may lodge with the Registrar a transmission application, in accordance with an approved form, with respect to the Treasury Note.

“(2.) If the Registrar is satisfied that the interest of the registered holder has become vested in the person lodging the transmission application, he shall register him as a holder accordingly.

Registration of Treasury Notes in name of a public officer.

“54y. Where the Treasurer is satisfied that a person whose property is required by law to be administered by a public officer charged with the duty of administering the estates of missing persons or persons under disability (other than bankruptcy or insolvency) is a registered holder of a Treasury Note, the Treasurer may, upon receiving such indemnity from the public officer as he thinks necessary, authorize the registration of the public officer in the place of that person with respect to the Treasury Note.

General Register.

“54z. The Secretary shall keep a General Register of Treasury Notes in accordance with an approved form.

Exchange of Treasury Notes.

“54za.—(1.) Upon application in accordance with an approved form, a Treasury Note may be surrendered at a Registry in exchange for—

(a) another Treasury Note of the same value, currency and maturity date as the first-mentioned Treasury Note to be issued at another Registry; or

(b) other Treasury Notes that have the same currency and maturity date, and, in the aggregate, the same value, as the first-mentioned Treasury Note to be issued either at that Registry or at another Registry.

“(2.) Where a Treasury Note is surrendered at a Registry under the last preceding sub-regulation in exchange for a Treasury Note or Treasury Notes to be issued at another Registry, the Registrar at the first-mentioned

Registry shall, in accordance with an approved form, request the Registrar at the other Registry to issue a Treasury Note or Treasury Notes accordingly.

“(3.) A Registrar shall comply with a request under the last preceding sub-regulation.

Infants.

“54zb.—(1.) A Treasury Note may be purchased at a Registry by an infant.

“(2.) Where an infant purchases a Treasury Note at a Registry, his receipt for the Treasury Note is a valid discharge.

“(3.) If an infant who purchases a Treasury Note at a Registry has not attained the age of fourteen years, a Registrar may deliver the Treasury Note so purchased to the parent or guardian of the infant.”.

Prescribed form of power of attorney.

4. Regulation 55 of the Commonwealth Inscribed Stock Regulations is amended by omitting sub-regulation (3.) and inserting in its stead the following sub-regulation:—

“(3.) A power of attorney that relates to securities inscribed or registered in the names of two or more persons jointly shall be signed by both or all of those persons.”.

Powers of attorney not in prescribed form.

5. Regulation 56 of the Commonwealth Inscribed Stock Regulations is amended by omitting the word “stock” and inserting in its stead the words “a security”.

Action on powers of attorney.

6. Regulation 58 of the Commonwealth Inscribed Stock Regulations is amended by omitting from sub-regulation (2.) the words “owner of the stock” and inserting in their stead the words “person in whose name the security is inscribed or registered”.

Safe custody of securities.

7. Regulation 60 of the Commonwealth Inscribed Stock Regulation is amended—

(a) by omitting the word “bonds” (first occurring) and inserting in its stead the word “securities”; and

(b) by omitting the words “stock and bonds” and inserting in their stead the word “securities”.

Delivery of securities through a bank or postmaster.

8. Regulation 63 of the Commonwealth Inscribed Stock Regulations is amended by omitting the word “bonds” (wherever occurring) and inserting in its stead the word “securities”.

Notice of dealing.

9. Regulation 64 of the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting the word “stock” and inserting in its stead the words “a security”; and

(b) by omitting the word “owner” and inserting in its stead the words “person in whose name the security is inscribed or registered”.

10. Regulation 66 of the Commonwealth Inscribed Stock Regulations is repealed and the following regulation inserted in its stead:—

Replacement of lost securities, &c.

“66.—(1.) Sections 9 and 10 of the Treasury Bills Act 1914-1940 do not apply to securities, or coupons issued in connexion with securities, issued under section 51a of the Act.

“(2.) Where a security (other than an interest coupon that has been detached from a security) is lost, stolen, destroyed or defaced before it is paid off, the owner may apply to the Treasurer for the issue, in lieu thereof, of a security of the same kind, value, currency and maturity date, and bearing the same rate of interest, if any, as the lost, stolen, destroyed or defaced security.

“(3.) If the Treasurer is satisfied—

(a) that the security has been lost, stolen or destroyed; and

(b) that the applicant was, at the time of the loss, theft or destruction, the owner of the security,

the Treasurer may, upon the applicant giving an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the lost, stolen or destroyed security or of any interest thereon, authorize the issue to the applicant, upon such conditions, if any, as the Treasurer determines, of a security in accordance with the application.

“(4.) If the Treasurer is satisfied—

(a) that the security has been defaced; and

(b) that the applicant is the owner of the security,

the Treasurer may, upon the applicant surrendering the defaced security, authorize the issue to the applicant of a security in accordance with the application.

“(5.) If the Treasurer is satisfied that an interest coupon that has been detached from a security has been lost, stolen or destroyed before it is paid, the Treasurer may, upon the owner giving an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the coupon, authorize payment of the amount of the coupon to the owner.”.

Preservation of instruments.

11. Regulation 68 of the Commonwealth Inscribed Stock Regulations is amended by omitting the words “stock and bonds” and inserting in their stead the word “securities”.

Form 39a.

12. After Form 39 in the Schedule to the Commonwealth Inscribed Stock Regulations the following form is inserted:—

Form 39a.

Regulation 54b.

Commonwealth of Australia.

TREASURY NOTE.

ISSUED UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1946.

This Treasury Note entitles the Bearer to payment of

pounds on the day of , One thousand nine hundred and .

The money secured by this Note is payable by the Commonwealth of Australia out of the Consolidated Revenue Fund.

Payment of the money secured by this Note will be made at .

Issued at this day of ,

19 .

Signature of Treasurer or person

appointed by the Governor-General.

Form 40.

13. Form 40 in the Schedule to the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting the words—

first occurring;

(b) by omitting the words from and including the word “purchase” to and including the word “name” (second occurring) and inserting in their stead the words—

“purchase** , and sell, assign, transfer or convert into some other Commonwealth Loan or otherwise deal with any** that may now or hereafter be inscribed or registered in my name”;

“*Signature, occupation and address of each witness.”

and inserting in their stead—

“**Insert name of security or names of securities.

*Insert signature, occupation and address of each witness.”; and

(d) by omitting the word “Stock-holder” (wherever occurring) and inserting in its stead the word “donor”.

Form 41.

14. Form 41 in the Schedule to the Commonwealth Inscribed Stock Regulations is amended—

(a) by omitting the words—

and inserting in their stead the words—

“Commonwealth Inscribed Stock Regulations.”;

and

(b) by omitting the words “undermentioned Stock” and inserting in their stead the words “undermentioned securities”.

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