{"id":"sr:borrowing-and-investment-powers-inscribed-stock-regulations-2018","name":"Borrowing and Investment Powers (Inscribed Stock) Regulations 2018","slug":"borrowing-and-investment-powers-inscribed-stock-regulations-2018","collection":"regulation","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":181267,"registerId":"vic-sr:borrowing-and-investment-powers-inscribed-stock-regulations-2018-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Borrowing and Investment Powers (Inscribed Stock) Regulations 2018","content":"Version No. 001\n\n**Borrowing and Investment Powers (Inscribed Stock) Regulations 2018**\n\n**S.R. No. 69/2018**\n\nVersion as at  \n1 June 2018\n\n**TABLE OF PROVISIONS**\n\n*Regulation Page*\n\nPart 1—Preliminary 1\n\n1 Objectives 1\n\n2 Authorising provision 1\n\n3 Application 1\n\n4 Commencement 1\n\n5 Revocation 2\n\n6 Definitions 2\n\nPart 2—Establishment of registry and appointment of registrar 3\n\n7 Establishment of registry and hours of business 3\n\n8 Appointment of registrar 3\n\nPart 3—Stock 4\n\nDivision 1—Establishment of the stock register and the issue and inscription of stock 4\n\n9 The stock register 4\n\n10 Entries in the stock register 4\n\n11 Co-ownership of stock 5\n\n12 Inspection of stock register 5\n\n13 Application to subscribe for or purchase stock 5\n\n14 Trusts 5\n\n15 Unincorporated bodies 6\n\n16 Firms or partnerships 7\n\n17 Certificates of inscription 7\n\n18 Specimen signature 7\n\n19 Change of name and address 7\n\n20 Amendment of the stock register 7\n\nDivision 2—Transfer and transmission of stock 8\n\n21 Transfer of stock 8\n\n22 Transmission of stock 8\n\n23 Registration of transmission of stock 9\n\n24 Marked transfers 9\n\nDivision 3—Payment of interest and repayment of principal 10\n\n25 Payment of interest and repayment of principal on stock 10\n\nDivision 4—Other matters 10\n\n26 Transactions before payment of interest or principal 10\n\n27 Minors 11\n\nPart 4—General 12\n\n28 Safe custody of documents 12\n\n29 Verification of signatures 12\n\n30 Other precautions to be taken by registrar 12\n\n31 Person unable to sign 13\n\n═════════════\n\nEndnotes 14\n\n1 General information 14\n\n2 Table of Amendments 16\n\n3 Amendments Not in Operation 17\n\n4 Explanatory details 18\n\n**Version No.** **001**\n\n**Borrowing and Investment Powers (Inscribed Stock) Regulations 2018**\n\n**S.R. No. 69/2018**\n\nVersion as at  \n1 June 2018\n\nPart 1—Preliminary\n\n\t1 Objectives\n\nThe objectives of these Regulations are—\n\n(a) to provide for the issue of stock; and\n\n(b) to set out the rights attached to stock; and\n\n(c) to provide for the appointment of a registrar and the keeping of registers in Australia for stock; and\n\n(d) to provide for the transfer and transmission of stock issued in Australia by the Treasury Corporation of Victoria under the Act.\n\n\t2 Authorising provision\n\nThese Regulations are made under section 18 of the **Borrowing and Investment Powers Act** **1987**.\n\n\t3 Application\n\nThese Regulations apply to stock issued in Australia by the Treasury Corporation of Victoria under Part 2 of the Act.\n\n\t4 Commencement\n\nThese Regulations come into operation on  \n1 June 2018.\n\n\t5 Revocation\n\nThe Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 2017[[1]](#endnote-1) are **revoked**.\n\n\t6 Definitions\n\nIn these Regulations—\n\n***certificate of inscription*** includes a letter of allotment;\n\n***computer*** means any electronic device for storing or processing information;\n\n***owner*** includes a joint owner;\n\n***registrar*** means the person appointed under regulation 8;\n\n***registry*** means the registry established under regulation 7;\n\n***stock*** means inscribed stock;\n\n***stock register*** means the register of stock kept under regulation 9;\n\n***the Act*** means the **Borrowing and Investment Powers Act 1987**;\n\n***Treasury Corporation of Victoria*** means the Treasury Corporation of Victoria established under section 5 of the **Treasury Corporation of Victoria Act 1992**.\n\nPart 2—Establishment of registry and appointment of registrar\n\n\t7 Establishment of registry and hours of business\n\n(1) The Treasury Corporation of Victoria must—\n\n(a) establish a registry; and\n\n(b) maintain the stock register at the registry in accordance with these Regulations.\n\n(2) The registry must be open for business on each day that is a business day for the Treasury Corporation of Victoria between 9 a.m. and 4 p.m.\n\n\t8 Appointment of registrar\n\nThe Treasury Corporation of Victoria must appoint a registrar of the registry.\n\nPart 3—Stock\n\nDivision 1—Establishment of the stock register and the issue and inscription of stock\n\n\t9 The stock register\n\nThe Treasury Corporation of Victoria must establish and maintain a register of stock at the registry.\n\n\t10 Entries in the stock register\n\n(1) The registrar must ensure that the following details are entered into the stock register in relation to all stock issued by the Treasury Corporation of Victoria—\n\n(a) the name of each owner of the stock;\n\n(b) the address to which certificates, receipts, other documents and money relating to the stock are to be forwarded.\n\n(2) The registrar may keep the stock register in book form, in the form of a paper or card record or by computer.\n\n(3) If the registrar keeps the stock register by computer—\n\n(a) the recording or storing of any information in the computer is to be taken to be the entry of that information in the stock register; and\n\n(b) any material subsequently derived from information recorded or stored in that way is to be taken to be an extract from the stock register.\n\n\t11 Co-ownership of stock\n\nIn the case of joint purchasers of stock, the names of not more than 4 of those purchasers may be inscribed as the joint owners.\n\n\t12 Inspection of stock register\n\n(1) At any time the registry is open an owner of stock may inspect the owner's account of stock in the stock register upon written request to the registrar.\n\n(2) An owner may obtain from the registry copies or extracts of the owner's account of stock certified by the registrar to be true copies of or extracts from the stock register.\n\n\t13 Application to subscribe for or purchase stock\n\n(1) An application to subscribe for or purchase stock must be made in writing.\n\n(2) In the case of an application by a joint account, the application must contain the names of the proposed owners in the order in which they are to appear in the stock register.\n\n(3) Upon receipt and acceptance of the application and receipt of the purchase money, the registrar must—\n\n(a) inscribe in the stock register the name of each owner of the stock and the address to which certificates, receipts, other documents and money relating to the stock are to be forwarded; and\n\n(b) issue a certificate of inscription.\n\n\t14 Trusts\n\n(1) Stock may be inscribed in the name of a trustee in the capacity as trustee of a specified trust or trustee without specifying a trust.\n\n(2) Whether or not stock, or any part of that stock, is inscribed in the name of a trustee, the registrar—\n\n(a) is not affected by notice of any trust; and\n\n(b) is not required to make any inquiries concerning—\n\n(i) any trust; or\n\n(ii) the propriety of anything done in relation to stock or any part of that stock that is inscribed in the name of a trustee.\n\n(3) The registrar must only deal with the person inscribed as owner of the stock and must not take notice of any trust or other beneficial interest that may be claimed by any other person.\n\n\t15 Unincorporated bodies\n\n(1) Stock may be inscribed in the name of an unincorporated body that—\n\n(a) has a name; and\n\n(b) has a written constitution or rules of association.\n\n(2) Before stock is inscribed in the name of an unincorporated body, the body must give the registrar—\n\n(a) a copy of the body's constitution or rules of association; and\n\n(b) the names and addresses of its officers who have been appointed in accordance with the constitution or rules of association; and\n\n(c) the specimen signatures of those officers.\n\n(3) The body must notify the registrar of any change in the matters referred to in subregulation (2) as soon as possible following the change.\n\n\t16 Firms or partnerships\n\nStock must not be inscribed in the name of a firm or a partnership but may be inscribed in the names of individual partners.\n\n\t17 Certificates of inscription\n\n(1) If a certificate of inscription is stolen, lost, destroyed or defaced, the registrar may issue a replacement certificate of inscription on receipt of a written request from the owner.\n\n(2) The owner of the inscribed stock may dispose of the stock without the certificate of inscription.\n\n\t18 Specimen signature\n\nA natural person whose name is inscribed, or is proposed to be inscribed, in relation to stock must lodge at the registry a specimen of the person's signature.\n\n\t19 Change of name and address\n\nIf the name or address of an owner of stock changes, the registrar must alter the name or address in the stock register on lodgement by the owner of notice and satisfactory evidence of the change.\n\n\t20 Amendment of the stock register\n\nIf the registrar is satisfied that stock has been incorrectly inscribed in the stock register as the result of a mistake in any document, the registrar must amend the stock register to correct the inscription.\n\nDivision 2—Transfer and transmission of stock\n\n\t21 Transfer of stock\n\n(1) Stock that is inscribed in the stock register may be transferred if the transferor and transferee of the stock lodge at the registry an instrument of transfer and acceptance signed by the transferor and transferee.\n\n(2) On receipt of an instrument of transfer and acceptance in accordance with subregulation (1), the registrar must register the instrument by taking the following actions—\n\n(a) cancelling the inscription of the stock in the stock register in the name of the transferor;\n\n(b) inscribing the stock in the stock register in the name of the transferee;\n\n(c) issuing to the transferee a certificate of inscription.\n\n(3) A person is not entitled to transfer stock worth less than $100 unless that stock is the remaining balance standing to that person's credit in the stock register.\n\n\t22 Transmission of stock\n\n(1) A person to whom any stock is to be transmitted because of the death or bankruptcy, insolvency or liquidation of the owner of that stock or by any lawful means (other than by a transfer under this Division) may apply in writing to the registrar to be inscribed as the owner of the stock.\n\n(2) A witness must attest the signature of the applicant.\n\n(3) An application for transmission must be accompanied by—\n\n(a) in the case of a transmission because of death—\n\n(i) the probate of the will or the letters of administration or other instrument authorising the applicant to administer the estate of the owner; or\n\n(ii) in the case of a transmission to a survivor of a joint owner, a certificate of death relating to the owner; or\n\n(b) in the case of a transmission because of bankruptcy or insolvency, an office copy of the adjudication or order of sequestration; or\n\n(c) in the case of a transmission because of liquidation, an office copy of the winding up order.\n\n\t23 Registration of transmission of stock\n\n(1) The registrar must register a transmission of stock under regulation 22 by taking the following actions—\n\n(a) entering a record of the transmission in the stock register;\n\n(b) inscribing the name of the person to whom the stock has been transmitted in the stock register as the owner of the stock.\n\n(2) After registering a transmission of stock, the registrar must issue a certificate of inscription to the new owner.\n\n\t24 Marked transfers\n\n(1) If registration of stock is pending, the registrar may mark a transfer of that stock with words to the effect that the stock is held against the transfer for the period specified in the marking.\n\n(2) If a transfer is marked under subregulation (1), the registrar may refuse to give effect to any dealing in the stock during the period specified in the marking except in accordance with the marked transfer.\n\nDivision 3—Payment of interest and repayment of principal\n\n\t25 Payment of interest and repayment of principal on stock\n\n(1) Subject to subregulation (2), payment of interest on stock and repayment of the principal sum must be made by a credit to an account in the name of the owner at a bank or other financial institution unless otherwise requested by the owner.\n\n(2) If the registrar is requested by the owner in writing or, in the case of a joint holding, by all the holders in writing—\n\n(a) cheques may be made payable and transmitted by post to the person specified in the request; or\n\n(b) money may be credited to an account at a bank or other financial institution.\n\nDivision 4—Other matters\n\n\t26 Transactions before payment of interest or principal\n\nA transaction relating to stock must not be registered or dealt with—\n\n(a) within 14 days immediately before the day on which interest is due; or\n\n(b) within one month before the date of maturity of the stock.\n\n\t27 Minors\n\n(1) Stock may not be allotted or transferred to a minor unless the minor's parent or guardian has given prior written consent to the allotment or transfer.\n\n(2) Payments on stock inscribed in the name of a minor jointly with the names of persons who are not minors may be made—\n\n(a) as directed by those persons who are not minors; and\n\n(b) without the concurrence of the minor upon sufficient proof of the minority being lodged with the registrar.\n\n(3) Payments on stock inscribed only in the name of a minor otherwise than in a joint account may be made to a parent or guardian of the minor and the receipt of the parent or guardian is a valid discharge.\n\n(4) In this regulation—\n\n***minor*** means a person who is under the age of 14 years.\n\nPart 4—General\n\n\t28 Safe custody of documents\n\nThe registrar must take reasonable steps to secure the safe custody of all documents in the registrar's charge relating to stock.\n\n\t29 Verification of signatures\n\nThe registrar may, for the purposes of these Regulations, require—\n\n(a) a document to be signed before the registrar or before any person that the registrar nominates; and\n\n(b) the signatory to satisfy the registrar or the person nominated of the identity of the signatory.\n\n\t30 Other precautions to be taken by registrar\n\n(1) The registrar must cause a notice of dealing to be forwarded to a party to a transaction under the Act or these Regulations if the registrar is not satisfied as to the genuineness of the transaction—\n\n(a) because the party to the transaction is not personally known to the registrar; or\n\n(b) because the registrar is doubtful as to the genuineness of a signature; or\n\n(c) for any other reason.\n\n(2) If a notice of dealing is forwarded to a party, the registrar must not register the transaction until satisfied that the matter is in order.\n\n\t31 Person unable to sign\n\nIf a person is unable to sign a document that is required to be signed for the purposes of these Regulations, a witness must attest the person's mark on the document.\n\n ═════════════\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe Borrowing and Investment Powers (Inscribed Stock) Regulations 2018, S.R. No. 69/2018 were made on 29 May 2018 by the Lieutenant-Governor as the Governor's deputy, with the advice of the Executive Council, under section 18 of the **Borrowing and Investment Powers Act 1987**, No. 13/1987 and came into operation on 1 June 2018: regulation 4.\n\nThe Borrowing and Investment Powers (Inscribed Stock) Regulations 2018 will sunset 10 years after the day of making on 29 May 2028 (see section 5 of the **Subordinate Legislation Act 1994**).\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original regulation, rule or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in a Statutory Rule which is made on or after  \n1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nThis includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.  \nSee section 36(1A)(2A)(2B).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in a Statutory Rule which is made on or after  \n1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nSee section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after  \n1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThere are no amendments made to the Borrowing and Investment Powers (Inscribed Stock) Regulations 2018 by statutory rules, subordinate instruments and Acts.\n\n3 Amendments Not in Operation\n\nThere are no amendments which were Not in Operation at the date of this publication.\n\n4 Explanatory details\n\n1. Reg. 5: S.R. No. 95/2017. [↑](#endnote-ref-1)","sortOrder":0}],"analysis":{"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"Based on the available content, there is no evidence the scope changed from its original intent. The regulation appears to remain a straightforward administrative instrument governing inscribed stock procedures, consistent with its stated purpose as made in 2018."},"complexity_factors":["Relates to a niche financial instrument (inscribed stock) that requires some financial literacy to understand","Sits within a broader legislative framework (Borrowing and Investment Powers Act) requiring cross-referencing","Technical financial and administrative terminology used in the underlying subject matter","Extremely limited substantive content was provided — only metadata and version history — making full assessment impossible"],"plain_english_summary":"This regulation sets out the procedures for issuing, transferring and managing inscribed stock — government debt recorded in a register rather than by certificate. It applies to Victorian government bodies that borrow this way and to investors who hold such stock.\n\nIt is primarily a technical, administrative rule important to treasury departments and institutional investors; it has no direct practical impact for most Victorians."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: establishing administrative procedures for the issue, registration, transfer, and payment of inscribed stock by the Treasury Corporation of Victoria. It replaces earlier regulations (revoking the 2017 version) but does not expand beyond the core registry and stock management functions authorized by the parent Act."},"complexity_factors":["Straightforward structure with 4 Parts and clear Divisions","Only 8 defined terms in the interpretation section (regulation 6)","Minimal cross-referencing—mostly internal references to other regulations within the same instrument","No nested exceptions or highly conditional logic; most provisions are directive ('must') or permissive ('may') with simple conditions","Procedural focus—mechanical rules for registry operations rather than substantive legal rights or complex compliance obligations","Length is moderate (31 regulations) with single-level subregulations only—no complex hierarchical numbering","Clear delineation between different scenarios (death, bankruptcy, minors, trusts) without overlapping conditions"],"plain_english_summary":"**What this legislation does:**\n\nThese Regulations set up the administrative machinery for how **inscribed stock** (a type of government debt security, similar to a bond) is issued, recorded, and transferred when the **Treasury Corporation of Victoria** borrows money.\n\n**Key things it covers:**\n\n*   **Setting up a registry:** The Treasury Corporation must establish a registry (like a record office) with a registrar in charge, open business days 9am–4pm.\n*   **Keeping a stock register:** A central record of who owns what stock, which can be kept in books, on paper cards, or electronically.\n*   **Buying and owning stock:**\n    *   You apply in writing to buy stock.\n    *   Up to 4 people can own stock jointly.\n    *   Stock can be held by trustees (but the registry ignores any trust arrangements behind the scenes—it only deals with the person named on the register).\n    *   Unincorporated bodies (like clubs) can hold stock if they have a constitution.\n    *   Firms/partnerships cannot hold stock in the business name—only individual partners can be listed.\n    *   **Minors under 14** need parental consent to hold or receive stock.\n*   **Transferring stock:** Owners can sell/transfer stock by lodging a signed transfer form. The registrar updates the register and issues a new certificate. You can't transfer amounts under $100 unless it's your entire holding.\n*   **When someone dies or goes bankrupt:** Special rules allow stock to pass to executors, administrators, or trustees in bankruptcy, with proper documentation (like probate or court orders).\n*   **Getting paid:** Interest and principal repayments are usually paid by bank transfer, unless the owner requests a cheque.\n*   **Protections:** The registrar must verify signatures, keep documents safe, and can pause transactions if something looks suspicious.\n\n**Who it affects:**\n\n*   Investors buying Victorian government debt (inscribed stock).\n*   The Treasury Corporation of Victoria and its appointed registrar.\n*   Financial institutions handling payments.\n*   Trustees, executors, and administrators dealing with estates.\n\n**Why it matters:**\n\nThese rules ensure that when the Victorian government borrows money by issuing stock, there's a clear, secure system for tracking who owns the debt, making payments, and transferring ownership. It protects both the government and investors by preventing fraud, ensuring proper record-keeping, and clarifying what happens when owners change (through sale, death, or bankruptcy)."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Regulation replaces the 2017 subordinate instrument (revocation in reg 5) but remains tightly focused on the same subject matter: procedures for issuing, registering, transferring and paying inscribed stock issued by the Treasury Corporation of Victoria (reg 1 and reg 3). It does not materially broaden the statutory powers of TCV or add new categories of instrument; it updates and consolidates administrative rules rather than expanding scope beyond the Act’s original purpose."},"complexity_factors":["9 core defined terms in the interpretation (reg 6)","4 Parts and 3 Divisions with clear subject-matter splits (Parts 1–4; Divisions in Part 3)","Moderate number of procedural requirements (specimen signatures, written applications, witness attestation, documentary proof for transmissions)","Several discrete conditional rules: transfers under $100 exception (reg 21(3)), blackout periods (14 days before interest; 1 month before maturity, reg 26), minor defined as under 14 (reg 27)","Registrar discretion points (signature verification, notice of dealing, refusal until satisfied, marked transfers) across regs 24, 29–31","Cross-references to other statutes: Borrowing and Investment Powers Act 1987 and Treasury Corporation of Victoria Act 1992 (regs 2, 6)","Computer-record rules equating electronic entries to official entries and extracts (reg 10(3))","Relatively few nested exceptions or highly technical definitions — mostly procedural rather than substantive securities law complexity"],"plain_english_summary":"**What this instrument does (mechanically)**\n\n- Establishes a physical and electronic registry for \"inscribed stock\" issued in Australia by the Treasury Corporation of Victoria (TCV) (regs 7–9).  TCV must appoint a registrar to run the registry (reg 8) and keep business hours (reg 7(2)).\n- Requires a stock register and specifies the minimum entries: owner name(s) and address for sending certificates/documents/money. The register may be paper or computer-based; computer records count as the official entry (reg 10).\n- Sets rules for issuing stock: written applications, inscription of owners on acceptance and receipt of purchase money, and issuing a certificate of inscription (reg 13, reg 17). Joint holdings can show up to four names (reg 11).\n- Provides how trusts, unincorporated bodies and partnerships are treated when stock is inscribed (regs 14–16). The registrar deals only with the person recorded as owner and is not required to investigate beneficial interests or trusts (reg 14).\n- Details transfer and transmission (transfer = voluntary sale; transmission = transfer on death, bankruptcy, liquidation or other lawful means). Transfers require an instrument signed by transferor and transferee and registration by the registrar; small holdings under $100 cannot be transferred except as a final balance (reg 21). Transmissions require supporting documents (probate, death certificate, insolvency order, etc.) and registration by the registrar (regs 22–23).\n- Allows the registrar to “mark” transfers while registration is pending and temporarily prevent other dealings with the marked stock (reg 24).\n- Prescribes how interest and principal are paid (default by credit to a bank account; owner can request cheques or other payment directions) (reg 25).\n- Prohibits registration or dealings in the 14 days before an interest payment and within one month before maturity (reg 26).\n- Sets rules for minors: stock cannot be allotted or transferred to a minor without parental/guardian consent (a minor is defined here as under 14 years) and records how payments to minors’ accounts may be managed (reg 27).\n- Imposes operational and security duties on the registrar: safe custody of documents, signature verification, asking for identity, sending notices where genuineness is in doubt and delaying registration until satisfied (regs 28–31).\n\n**Who is affected**\n\n- Primary: investors (natural persons and entities) who hold or want to buy inscribed stock issued by TCV.\n- Treasury Corporation of Victoria and its appointed registrar: responsible for operating the registry and carrying compliance/administration costs (regs 7–8, 28–31).\n- Estates, insolvency practitioners and legal representatives who must supply probate, letters of administration or insolvency/winding-up orders when claiming transmission (reg 22).\n\n**Why it matters (official purpose and practical effects)**\n\n- Officially, the Regulations implement the process for issuing, registering, transferring and paying inscribed stock issued by TCV and set out the rights attached to that stock (reg 1). Practically, they create a centralised, legally-recognised register and procedural steps that determine who is treated as the legal owner and how money is paid.\n\n**Costs, incentives and trade-offs**\n\n- Who pays: TCV bears the administrative costs of running the registry and appointing a registrar (regs 7–8). Investors bear transactional compliance costs: completing written applications, providing identity evidence, lodging specimen signatures, and (for unincorporated bodies) supplying constitutions and officer details (regs 13, 15, 18).\n- Incentives and private choice: the default to electronic bookkeeping (computer registers are valid entries, reg 10(3)) reduces reliance on paper certificates and facilitates electronic settlement, but the Regulations preserve certificate issuance. Owners are incentivised to provide bank details for direct credit (reg 25) which reduces cheque processing.\n- Constraints on trading: the prohibition on registration/dealings close to interest payment or maturity (reg 26) and the $100 minimum transfer threshold (reg 21(3)) limit last-minute or very small-value transfers; that affects liquidity for very small investors.\n- Registrar discretion and delay risk: the registrar has explicit powers to verify identities, require signing before nominated persons, send notices if genuineness is doubtful, refuse registration until satisfied, and mark pending transfers (regs 29–31, 24). These powers reduce fraud risk but can delay transactions and impose operational discretion.\n- Compliance burdens: unincorporated bodies must lodge constitutions and officer details (reg 15); trustees and beneficial owners cannot require the registrar to investigate trusts (reg 14), shifting burden to investors to resolve internal disputes.\n- Access and convenience: registry hours are limited to standard business hours (9 a.m.–4 p.m. on business days, reg 7(2)), and some dealings require physical documents (proof of probate, etc.), so accessibility is not fully electronic/24–7.\n\n**Implementation risk and administrative requirements**\n\n- TCV must ensure secure record-keeping (safe custody, reg 28) and reliable IT if keeping a computer register (reg 10(3)). The registrar needs procedures for identity verification and handling marked transfers and disputed genuineness (regs 29–31, 24).\n\n**Concentrated benefits vs diffuse costs**\n\n- Benefits (clear legal title, predictable process) are concentrated to holders of TCV inscribed stock and to TCV’s ability to manage its borrowing instruments. Costs (administration, compliance, possible transfer delays) are spread across investors and registry staff.\n\n**Key legal-points to note (section references)**\n\n- Registry and registrar duties: regs 7–9\n- Register entries and computer records: reg 10\n- Issue, inscription and certificates: regs 13, 17\n- Transfer and transmission mechanics and documentary proof: regs 21–23\n- Payment methods: reg 25\n- Dealings blackout periods: reg 26\n- Minors (defined as under 14): reg 27\n- Verification, notices and registrar discretion: regs 28–31\n\nOverall, the Regulations set out a procedural, administration-heavy framework that converts ownership and payment mechanics for TCV inscribed stock into a single regulated process with specific documentary and timing requirements."}},"importantCases":[],"_links":{"self":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018","history":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018/history","analysis":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018/analysis","conflicts":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018/conflicts","importantCases":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018/important-cases","documents":"/api/acts/borrowing-and-investment-powers-inscribed-stock-regulations-2018/documents"}}