Statutory Rules 1986 No. 2641

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Commonwealth Inscribed Stock Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL 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.

Dated 18 September 1986.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

C. J. Hurford

Minister of State for Immigration and

Ethnic Affairs for and on behalf of the

Treasurer

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Principal Regulations

1. In these Regulations, “Principal Regulations” means the Commonwealth Inscribed Stock Regulations.

Payment of interest

2. Regulation 32 of the Principal Regulations is repealed and the following regulation substituted:

“32. (1) Subject to this regulation, interest on stock shall be paid by post—

(a) where a request is made in accordance with sub-regulation (5)—to the person or persons specified in that request; or

(b) where no such request is made—to the owner or, in the case of a joint account, to the owner whose name is inscribed first in the stock ledger.

“(2) Where the terms and conditions on which stock is issued and sold allow, and upon a request being made in accordance with sub-regulation (5), interest may be paid into a bank account, including a savings bank account, or into an account with another financial institution approved by the Treasurer.

(S.R. 227/86)—Cat. No.    10 /24.7.1986

“(3) Without limiting the means by which interest may be paid into an account in accordance with sub-regulation (2), interest shall be taken to be paid into an account under that sub-regulation if—

(a) the interest is paid to a person authorized to receive payment by the bank or other financial institution with which the account is maintained together with a direction for payment by that person to the bank or other financial institution for crediting to that account; and

(b) that person gives effect to the direction accordingly.

“(4) Where a request referred to in sub-regulation (1) or (2) reaches the Registrar within the period of 14 days immediately preceding the day on which interest is due for payment, the Registrar may decline to give effect to the request until the interest has been paid.

“(5) A request referred to in sub-regulation (1) or (2) shall be made in writing and signed by the owner of the stock or, in the case of a joint account, by all the owners or by the owner whose name is inscribed first in the stock ledger.”.

Repeal of regulation 33

3. Regulation 33 of the Principal Regulations is repealed.

Schedule

4. The Schedule to the Principal Regulations is amended by omitting Form 24.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 26 September 1986.

2. Statutory Rules 1944 No. 186 as amended to date. For previous amendments see Note 2 to Statutory Rules 1986 No. 242 and see also Statutory Rules 1986 Nos. 242, 243, 244 and 245.

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