{"id":"C1911A00020","name":"Commonwealth Inscribed Stock Act 1911","slug":"commonwealth-inscribed-stock-act-1911","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"20 of 1911","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":205,"registerId":"C2023C00415","compilationNumber":"21","startDate":"2023-10-20","status":"InForce","reasons":[{"affect":"Amend","markdown":"sch 2 (item 633) of the [Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023](/C2023A00076)","dateChanged":null,"amendedByTitle":null,"affectedByTitle":{"name":"Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023","year":2023,"number":76,"titleId":"C2023A00076","provisions":"sch 2 (item 633)","seriesType":"Act","optionalSeriesNumber":null}}],"registeredAt":"2023-11-10T15:12:44.533Z"},"sections":[{"sectionNumber":"Part I","sectionType":"part","heading":"Preliminary","content":"## Part I—Preliminary","sortOrder":0},{"sectionNumber":"1","sectionType":"section","heading":"Short title","content":"#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Interpretation","content":"#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).","sortOrder":2},{"sectionNumber":"Part II","sectionType":"part","heading":"Creation and issue of stock","content":"## Part II—Creation and issue of stock","sortOrder":3},{"sectionNumber":"3A","sectionType":"section","heading":"Authority to borrow","content":"#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.","sortOrder":4},{"sectionNumber":"4","sectionType":"section","heading":"Power to create stock","content":"#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Issue of stock","content":"#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).","sortOrder":6},{"sectionNumber":"11","sectionType":"section","heading":"When interest to cease","content":"#### 11 When interest to cease\n\n  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.","sortOrder":7},{"sectionNumber":"13","sectionType":"section","heading":"Stock personal property","content":"#### 13 Stock personal property\n\n  Stock shall be personal property.","sortOrder":8},{"sectionNumber":"13AA","sectionType":"section","heading":"Payment of principal and interest on stock and related amounts connected with depository interests","content":"#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.","sortOrder":9},{"sectionNumber":"13A","sectionType":"section","heading":"Costs and expenses relating to issue, sale and management of stock and depository interests","content":"#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.","sortOrder":10},{"sectionNumber":"13B","sectionType":"section","heading":"Costs and expenses incurred in repurchasing or redeeming stock before date of maturity","content":"#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.","sortOrder":11},{"sectionNumber":"13C","sectionType":"section","heading":"Arrangements etc. relating to stock and depository interests","content":"#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.","sortOrder":12},{"sectionNumber":"Part III","sectionType":"part","heading":"Inscription of stock","content":"An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes\n\n## Part I—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).\n\n## Part II—Creation and issue of stock\n\n#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.\n\n#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.\n\n#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).\n\n#### 11 When interest to cease\n\n  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.\n\n#### 13 Stock personal property\n\n  Stock shall be personal property.\n\n#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.\n\n#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.\n\n#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.\n\n#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.\n\n## Part III—Inscription of stock\n\n### Division 1—Registries and Registrars\n\n#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.\n\n### Division 2—Inscription of stock\n\n#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.\n\n#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.\n\n#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).\n\n#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.\n\n#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.\n\n#### 20 Preservation of equitable interests\n\n  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.\n\n#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.\n\n#### 21A Stock held in official capacity\n\n  (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.\n  (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.\n\n#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.\n\n#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.\n\n#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.\n\n### Division 3—Transfers and transmissions\n\n#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.\n\n#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.\n\n#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.\n\n#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).\n\n#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.\n\n#### 27 Limitations on registration of transactions\n\n  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.\n\n#### 28 Transmission application\n\n  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.\n\n#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.\n\n#### 30 Registration of transmission of legal interest\n\n  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.\n\n### Division 5—Legal provisions\n\n#### 43 Orders to be carried into effect\n\n  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.\n\n#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.\n\n## Part V—Penal provisions\n\n#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 51 Forfeiture of forged documents and illicit forms\n\n  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.\n\n## Part VA—Treasury Bonds\n\n#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.\n\n#### 51B Sale of Treasury Bonds\n\n  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.\n\n#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.\n\n#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.\n\n#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.\n\n#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.\n\n## Part VB—Delegations and authorisations\n\n#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.\n\n#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.\n\n#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.\n\n## Part VI—Miscellaneous\n\n#### 52 Investments in stock\n\n  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.\n\n#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.\n\n#### 52B Liability of interest to income tax\n\n  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.\n\n#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.\n\n#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.\n\n#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.\n\n#### 58 Regulations\n\n  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.","sortOrder":13},{"sectionNumber":"Division 1","sectionType":"division","heading":"Registries and Registrars","content":"An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes\n\n## Part I—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).\n\n## Part II—Creation and issue of stock\n\n#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.\n\n#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.\n\n#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).\n\n#### 11 When interest to cease\n\n  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.\n\n#### 13 Stock personal property\n\n  Stock shall be personal property.\n\n#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.\n\n#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.\n\n#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.\n\n#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.\n\n## Part III—Inscription of stock\n\n### Division 1—Registries and Registrars\n\n#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.\n\n### Division 2—Inscription of stock\n\n#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.\n\n#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.\n\n#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).\n\n#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.\n\n#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.\n\n#### 20 Preservation of equitable interests\n\n  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.\n\n#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.\n\n#### 21A Stock held in official capacity\n\n  (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.\n  (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.\n\n#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.\n\n#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.\n\n#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.\n\n### Division 3—Transfers and transmissions\n\n#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.\n\n#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.\n\n#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.\n\n#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).\n\n#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.\n\n#### 27 Limitations on registration of transactions\n\n  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.\n\n#### 28 Transmission application\n\n  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.\n\n#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.\n\n#### 30 Registration of transmission of legal interest\n\n  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.\n\n### Division 5—Legal provisions\n\n#### 43 Orders to be carried into effect\n\n  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.\n\n#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.\n\n## Part V—Penal provisions\n\n#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 51 Forfeiture of forged documents and illicit forms\n\n  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.\n\n## Part VA—Treasury Bonds\n\n#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.\n\n#### 51B Sale of Treasury Bonds\n\n  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.\n\n#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.\n\n#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.\n\n#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.\n\n#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.\n\n## Part VB—Delegations and authorisations\n\n#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.\n\n#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.\n\n#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.\n\n## Part VI—Miscellaneous\n\n#### 52 Investments in stock\n\n  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.\n\n#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.\n\n#### 52B Liability of interest to income tax\n\n  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.\n\n#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.\n\n#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.\n\n#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.\n\n#### 58 Regulations\n\n  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.","sortOrder":14},{"sectionNumber":"14","sectionType":"section","heading":"Establishment of registries and appointment of Registrars","content":"#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.","sortOrder":15},{"sectionNumber":"Division 2","sectionType":"division","heading":"Inscription of stock","content":"An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes\n\n## Part I—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).\n\n## Part II—Creation and issue of stock\n\n#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.\n\n#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.\n\n#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).\n\n#### 11 When interest to cease\n\n  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.\n\n#### 13 Stock personal property\n\n  Stock shall be personal property.\n\n#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.\n\n#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.\n\n#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.\n\n#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.\n\n## Part III—Inscription of stock\n\n### Division 1—Registries and Registrars\n\n#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.\n\n### Division 2—Inscription of stock\n\n#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.\n\n#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.\n\n#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).\n\n#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.\n\n#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.\n\n#### 20 Preservation of equitable interests\n\n  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.\n\n#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.\n\n#### 21A Stock held in official capacity\n\n  (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.\n  (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.\n\n#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.\n\n#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.\n\n#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.\n\n### Division 3—Transfers and transmissions\n\n#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.\n\n#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.\n\n#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.\n\n#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).\n\n#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.\n\n#### 27 Limitations on registration of transactions\n\n  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.\n\n#### 28 Transmission application\n\n  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.\n\n#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.\n\n#### 30 Registration of transmission of legal interest\n\n  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.\n\n### Division 5—Legal provisions\n\n#### 43 Orders to be carried into effect\n\n  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.\n\n#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.\n\n## Part V—Penal provisions\n\n#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 51 Forfeiture of forged documents and illicit forms\n\n  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.\n\n## Part VA—Treasury Bonds\n\n#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.\n\n#### 51B Sale of Treasury Bonds\n\n  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.\n\n#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.\n\n#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.\n\n#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.\n\n#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.\n\n## Part VB—Delegations and authorisations\n\n#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.\n\n#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.\n\n#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.\n\n## Part VI—Miscellaneous\n\n#### 52 Investments in stock\n\n  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.\n\n#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.\n\n#### 52B Liability of interest to income tax\n\n  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.\n\n#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.\n\n#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.\n\n#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.\n\n#### 58 Regulations\n\n  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.","sortOrder":16},{"sectionNumber":"15","sectionType":"section","heading":"Stock to be inscribed","content":"#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.","sortOrder":17},{"sectionNumber":"16","sectionType":"section","heading":"Limit of number of names","content":"#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.","sortOrder":18},{"sectionNumber":"17","sectionType":"section","heading":"Stock certificates","content":"#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).","sortOrder":19},{"sectionNumber":"18","sectionType":"section","heading":"Owner of legal interest in stock","content":"#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.","sortOrder":20},{"sectionNumber":"19","sectionType":"section","heading":"Protection of Registrar in relation to trusts","content":"#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.","sortOrder":21},{"sectionNumber":"20","sectionType":"section","heading":"Preservation of equitable interests","content":"#### 20 Preservation of equitable interests\n\n  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.","sortOrder":22},{"sectionNumber":"21","sectionType":"section","heading":"Stock may not be inscribed in the names of persons under 16 years of age","content":"#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.","sortOrder":23},{"sectionNumber":"21A","sectionType":"section","heading":"Stock held in official capacity","content":"#### 21A Stock held in official capacity\n\n  (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.\n  (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.","sortOrder":24},{"sectionNumber":"22","sectionType":"section","heading":"Receipts for interest","content":"#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.","sortOrder":25},{"sectionNumber":"22A","sectionType":"section","heading":"Inscription in name of Friendly Society or Trade Union","content":"#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.","sortOrder":26},{"sectionNumber":"22B","sectionType":"section","heading":"Inscription of stock in name of unincorporated associations","content":"#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.","sortOrder":27},{"sectionNumber":"Division 3","sectionType":"division","heading":"Transfers and transmissions","content":"An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes\n\n## Part I—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).\n\n## Part II—Creation and issue of stock\n\n#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.\n\n#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.\n\n#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).\n\n#### 11 When interest to cease\n\n  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.\n\n#### 13 Stock personal property\n\n  Stock shall be personal property.\n\n#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.\n\n#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.\n\n#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.\n\n#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.\n\n## Part III—Inscription of stock\n\n### Division 1—Registries and Registrars\n\n#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.\n\n### Division 2—Inscription of stock\n\n#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.\n\n#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.\n\n#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).\n\n#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.\n\n#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.\n\n#### 20 Preservation of equitable interests\n\n  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.\n\n#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.\n\n#### 21A Stock held in official capacity\n\n  (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.\n  (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.\n\n#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.\n\n#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.\n\n#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.\n\n### Division 3—Transfers and transmissions\n\n#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.\n\n#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.\n\n#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.\n\n#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).\n\n#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.\n\n#### 27 Limitations on registration of transactions\n\n  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.\n\n#### 28 Transmission application\n\n  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.\n\n#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.\n\n#### 30 Registration of transmission of legal interest\n\n  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.\n\n### Division 5—Legal provisions\n\n#### 43 Orders to be carried into effect\n\n  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.\n\n#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.\n\n## Part V—Penal provisions\n\n#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 51 Forfeiture of forged documents and illicit forms\n\n  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.\n\n## Part VA—Treasury Bonds\n\n#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.\n\n#### 51B Sale of Treasury Bonds\n\n  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.\n\n#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.\n\n#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.\n\n#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.\n\n#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.\n\n## Part VB—Delegations and authorisations\n\n#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.\n\n#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.\n\n#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.\n\n## Part VI—Miscellaneous\n\n#### 52 Investments in stock\n\n  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.\n\n#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.\n\n#### 52B Liability of interest to income tax\n\n  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.\n\n#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.\n\n#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.\n\n#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.\n\n#### 58 Regulations\n\n  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.","sortOrder":28},{"sectionNumber":"23","sectionType":"section","heading":"Transfer to another registry","content":"#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.","sortOrder":29},{"sectionNumber":"24","sectionType":"section","heading":"Transfer of stock","content":"#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.","sortOrder":30},{"sectionNumber":"24A","sectionType":"section","heading":"Transfer of certain interests in stock","content":"#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.","sortOrder":31},{"sectionNumber":"24B","sectionType":"section","heading":"Record of equitable interests","content":"#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).","sortOrder":32},{"sectionNumber":"24C","sectionType":"section","heading":"Inscription in Stock Ledger of names of transferees of legal interests in stock","content":"#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.","sortOrder":33},{"sectionNumber":"27","sectionType":"section","heading":"Limitations on registration of transactions","content":"#### 27 Limitations on registration of transactions\n\n  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.","sortOrder":34},{"sectionNumber":"28","sectionType":"section","heading":"Transmission application","content":"#### 28 Transmission application\n\n  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.","sortOrder":35},{"sectionNumber":"29","sectionType":"section","heading":"Verification of transmission","content":"#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.","sortOrder":36},{"sectionNumber":"30","sectionType":"section","heading":"Registration of transmission of legal interest","content":"#### 30 Registration of transmission of legal interest\n\n  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.","sortOrder":37},{"sectionNumber":"Division 5","sectionType":"division","heading":"Legal provisions","content":"An Act to provide for the issue of Stock, Bonds and other Securities by the Commonwealth and for other purposes\n\n## Part I—Preliminary\n\n#### 1 Short title\n\n  This Act may be cited as the Commonwealth Inscribed Stock Act 1911.\n\n#### 3 Interpretation\n\n  (1) In this Act, unless the contrary intention appears:\n\n> 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.\n\n> clearing and settlement facility means a facility that is a clearing and settlement facility for the purposes of the Corporations Act 2001.\n\n> depository interest means a beneficial interest in stock issued by a depository nominee (as a depository nominee).\n\n> depository interest registry operator means a person who has been engaged by a depository nominee to make payments:\n\n    (a) on behalf of the depository nominee; and\n    (b) to holders of depository interests issued by the depository nominee; and\n    (c) on account of those interests.\n\n> depository nominee means a person who, with the agreement of the Commonwealth, issues to someone else one or more beneficial interests in stock the person:\n\n    (a) owns legally; or\n    (b) would own beneficially, apart from the issue of those interests; or\n    (c) has a beneficial interest in.\n\n> Registrar means a Registrar of Stock or a Deputy Registrar of Stock.\n\n> Registry means a Registry for the inscription of stock.\n\n> stock means:\n\n    (a) stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1); and\n    (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\n    (c) Treasury Bonds, debentures or other prescribed securities made out under subsection 51A(1) at any time before the commencement of subsection 51A(3).\n\n> 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.\n\n  (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:\n    (a) a reference in this Act to the operator of a clearing and settlement facility is taken to be a reference to:\n    (i) a clearing house as defined by section 9 of the Corporations Act 2001; or\n    (ii) the body corporate in relation to which an approval as a clearing house is in force under section 779B of that Act; and\n    (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).\n\n## Part II—Creation and issue of stock\n\n#### 3A Authority to borrow\n\n  (1) The Treasurer may, from time to time, borrow money on behalf of the Commonwealth by issuing stock denominated in Australian currency.\n  (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.\n\n#### 4 Power to create stock\n\n  (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:\n    (a) raising money by way of loan; or\n    (b) converting any loan raised by the Commonwealth into any other loan so raised; or\n    (c) paying any expenses of carrying this Act into effect that the Governor‑General considers are properly payable out of capital; or\n    (d) lending by the Treasurer under securities lending arrangements under section 5BA of the Loans Securities Act 1919.\n  (2) Stock created pursuant to paragraph (1)(a) shall not be issued or sold unless:\n    (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\n    (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.\n\n#### 7 Issue of stock\n\n  (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.\n  (2) Stock may be issued by electronic means.\n  (3) Stock may be issued to a person on trust for other persons.\n  (4) To avoid doubt, a person to whom stock may be issued under subsection (3) may be a person who is a Registrar.\n  (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).\n\n#### 11 When interest to cease\n\n  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.\n\n#### 13 Stock personal property\n\n  Stock shall be personal property.\n\n#### 13AA Payment of principal and interest on stock and related amounts connected with depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) principal secured by stock; and\n    (b) interest on that principal; and\n    (c) amounts that are to be paid by the Commonwealth to depository nominees or depository interest registry operators for payment by or on behalf of the depository nominees to holders of depository interests, on account of either or both of:\n    (i) principal secured by stock in which the depository interests are beneficial interests; and\n    (ii) interest on that principal.\n\n#### 13A Costs and expenses relating to issue, sale and management of stock and depository interests\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of:\n    (a) the costs and expenses incurred by the Commonwealth in relation to the issue or sale of stock, including but not limited to syndication fees; and\n    (b) the costs and expenses incurred by the Commonwealth in relation to managing stock that has been issued or sold, including but not limited to:\n    (i) Registry fees; and\n    (ii) clearing and settlement facility fees; and\n    (c) the costs and expenses incurred by the Commonwealth that relate directly or indirectly to the issue, management or transfer of depository interests, including but not limited to:\n    (i) fees charged by depository nominees or depository interest register operators; and\n    (ii) clearing and settlement facility fees; and\n    (d) the costs and expenses incurred by the Commonwealth in relation to the making of payments by the Commonwealth described in paragraph 13AA(c), including but not limited to clearing and settlement facility fees.\n\n#### 13B Costs and expenses incurred in repurchasing or redeeming stock before date of maturity\n\n  The Consolidated Revenue Fund is appropriated to the extent necessary for the payment of the costs and expenses incurred by the Commonwealth in repurchasing or redeeming stock before the date of maturity of the stock.\n\n#### 13C Arrangements etc. relating to stock and depository interests\n\n  On behalf of the Commonwealth, the Treasurer may enter into, vary, administer or otherwise give effect to a contract, agreement or arrangement relating, directly or indirectly, to one or more of the following:\n    (a) the issue, management or transfer of stock or depository interests;\n    (b) the trading of stock or depository interests on a financial market;\n    (c) services relating to one or more of the following:\n    (i) a registry that relates to stock or depository interests;\n    (ii) a clearing and settlement facility;\n    (iii) depository nominees.\n\n## Part III—Inscription of stock\n\n### Division 1—Registries and Registrars\n\n#### 14 Establishment of registries and appointment of Registrars\n\n  (1) The Treasurer may:\n    (a) establish Registries for the inscription of stock within the Commonwealth;\n    (c) appoint such Registrars of Stock and Deputy Registrars of Stock as he or she thinks necessary.\n  (2) Any person may be appointed as a Registrar.\n  (3) To avoid doubt, a person that is:\n    (a) the operator of a clearing and settlement facility; or\n    (b) an incorporated company or other body corporate;\n  may be appointed as a Registrar.\n  (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:\n    (a) contained in the instrument appointing the person to the office; or\n    (b) contained in any contract or arrangement made, or in any deed of trust or other instrument executed, in connection with the appointment; or\n    (c) made by the regulations.\n\n### Division 2—Inscription of stock\n\n#### 15 Stock to be inscribed\n\n  (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.\n  (2) A Stock Ledger may be kept in an electronic form.\n\n#### 16 Limit of number of names\n\n  No stock shall be inscribed in the names of more than 4 persons.\n\n#### 17 Stock certificates\n\n  (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.\n  (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.\n  (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).\n\n#### 18 Owner of legal interest in stock\n\n  The person whose name is inscribed in a Stock Ledger as the owner of the stock:\n    (a) is the owner of the legal interest in the stock; and\n    (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.\n\n#### 19 Protection of Registrar in relation to trusts\n\n  (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.\n  (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:\n    (a) is not affected with notice of any trust; and\n    (b) is not required to make any inquiries concerning:\n    (i) any trust; or\n    (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.\n\n#### 20 Preservation of equitable interests\n\n  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.\n\n#### 21 Stock may not be inscribed in the names of persons under 16 years of age\n\n  (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.\n  (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.\n\n#### 21A Stock held in official capacity\n\n  (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.\n  (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.\n\n#### 22 Receipts for interest\n\n  Any one of the persons in whose names any stock is inscribed may give valid receipts for interest.\n\n#### 22A Inscription in name of Friendly Society or Trade Union\n\n  (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.\n  (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.\n  (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.\n  (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.\n  (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.\n  (5) In this section:\n\n> Friendly Society means:\n\n    (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995; or\n    (b) a body that is registered or incorporated as a friendly society under a law of a State or Territory; or\n    (c) a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or\n    (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.\n\n#### 22B Inscription of stock in name of unincorporated associations\n\n  (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.\n  (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.\n  (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.\n  (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.\n\n### Division 3—Transfers and transmissions\n\n#### 23 Transfer to another registry\n\n  Stock may in the manner prescribed be transferred from one Registry to another Registry.\n\n#### 24 Transfer of stock\n\n  (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.\n  (1A) The provision that may be made by the regulations under subsection (1) may include either or both of the following:\n    (a) a provision for transfer of interests by electronic means;\n    (b) a provision applying a provision of the Corporations Act 2001 with or without modifications.\n  (2) In this section, person includes:\n    (a) a Friendly Society or a branch of a Friendly Society;\n    (b) a Trade Union or a branch of a Trade Union; or\n    (c) an unincorporated association.\n\n#### 24A Transfer of certain interests in stock\n\n  (1) The legal interest, and any equitable interests, in any stock may be transferred from one person to another:\n    (a) in accordance with regulations made for the purposes of subsection 24(1); or\n    (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).\n  (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.\n\n#### 24B Record of equitable interests\n\n  (1) 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:\n    (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\n    (b) to comply with any provision made by the regulations in relation to the keeping of such a record.\n  (2) Subsection (1) does not apply in relation to the keeping of a record of the ownership of any equitable interest in the stock that is a security interest within the meaning of the Personal Property Securities Act 2009, and to which that Act applies.\n\n> Note 1: The Personal Property Securities Act 2009 applies to certain security interests in personal property (including stock). See the following provisions of that Act:\n\n    (a) section 8 (interests to which the Act does not apply);\n    (b) section 12 (meaning of security interest);\n    (c) Chapter 9 (transitional provisions).\n\n> Note 2: That Act provides for registration in respect of security interests in personal property, including stock (see Chapter 5 of that Act).\n\n#### 24C Inscription in Stock Ledger of names of transferees of legal interests in stock\n\n  (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.\n  (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.\n\n#### 27 Limitations on registration of transactions\n\n  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.\n\n#### 28 Transmission application\n\n  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.\n\n#### 29 Verification of transmission\n\n  (1) Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and\n    (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\n    (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.\n  (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.\n  (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.\n\n#### 30 Registration of transmission of legal interest\n\n  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.\n\n### Division 5—Legal provisions\n\n#### 43 Orders to be carried into effect\n\n  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.\n\n#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.\n\n## Part V—Penal provisions\n\n#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.\n\n#### 51 Forfeiture of forged documents and illicit forms\n\n  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.\n\n## Part VA—Treasury Bonds\n\n#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.\n\n#### 51B Sale of Treasury Bonds\n\n  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.\n\n#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.\n\n#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.\n\n#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.\n\n#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.\n\n## Part VB—Delegations and authorisations\n\n#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.\n\n#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.\n\n#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.\n\n## Part VI—Miscellaneous\n\n#### 52 Investments in stock\n\n  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.\n\n#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.\n\n#### 52B Liability of interest to income tax\n\n  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.\n\n#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.\n\n#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.\n\n#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.\n\n#### 58 Regulations\n\n  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.","sortOrder":38},{"sectionNumber":"43","sectionType":"section","heading":"Orders to be carried into effect","content":"#### 43 Orders to be carried into effect\n\n  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.","sortOrder":39},{"sectionNumber":"44","sectionType":"section","heading":"Evidence","content":"#### 44 Evidence\n\n  (1) In any proceeding, a certified copy of:\n    (a) an entry in a Stock Ledger; or\n    (b) an extract from an entry in a Stock Ledger; or\n    (c) a document in the custody of a Registrar that relates to stock;\n  is admissible in evidence.\n  (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.","sortOrder":40},{"sectionNumber":"Part V","sectionType":"part","heading":"Penal provisions","content":"## Part V—Penal provisions","sortOrder":41},{"sectionNumber":"49","sectionType":"section","heading":"False personation","content":"#### 49 False personation\n\n  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, commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.","sortOrder":42},{"sectionNumber":"50","sectionType":"section","heading":"Falsification of books or documents","content":"#### 50 Falsification of books or documents\n\n  Any person who fraudulently:\n    (a) makes any false entry in any book, record, or document relating to stock, or\n    (b) omits to make any entry in any book, record, or document relating to stock, or\n    (c) by act or omission falsifies any book, record, or document relating to stock, or\n    (d) destroys any book, record, or document relating to stock, or\n    (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;\n  commits an indictable offence.\n\nPenalty: Imprisonment for 10 years.","sortOrder":43},{"sectionNumber":"51","sectionType":"section","heading":"Forfeiture of forged documents and illicit forms","content":"#### 51 Forfeiture of forged documents and illicit forms\n\n  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.","sortOrder":44},{"sectionNumber":"Part VA","sectionType":"part","heading":"Treasury Bonds","content":"## Part VA—Treasury Bonds","sortOrder":45},{"sectionNumber":"51A","sectionType":"section","heading":"Power to make out and issue Treasury Bonds","content":"#### 51A Power to make out and issue Treasury Bonds\n\n  (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:\n    (a) raising money by way of loan;\n    (aa) converting any loan raised by the Commonwealth into any other loan so raised; and\n    (b) paying any expenses of carrying this Act into effect which the Governor‑General considers are properly payable out of capital.\n  (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.\n  (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.","sortOrder":46},{"sectionNumber":"51B","sectionType":"section","heading":"Sale of Treasury Bonds","content":"#### 51B Sale of Treasury Bonds\n\n  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.","sortOrder":47},{"sectionNumber":"51BA","sectionType":"section","heading":"Breach of terms or conditions of issue of Treasury Bonds","content":"#### 51BA Breach of terms or conditions of issue of Treasury Bonds\n\n  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, commits an offence against this Act.\n\nPenalty: Imprisonment for 6 months or 2 penalty units, 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.","sortOrder":48},{"sectionNumber":"51C","sectionType":"section","heading":"Treasury Bills Act to apply to Bonds and other securities","content":"#### 51C Treasury Bills Act to apply to Bonds and other securities\n\n  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.","sortOrder":49},{"sectionNumber":"51E","sectionType":"section","heading":"Conversion of stock, Treasury Bonds and other securities","content":"#### 51E Conversion of stock, Treasury Bonds and other securities\n\n  (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.\n  (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.","sortOrder":50},{"sectionNumber":"51G","sectionType":"section","heading":"Treasury Bonds may be repurchased out of war loans","content":"#### 51G Treasury Bonds may be repurchased out of war loans\n\n  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.","sortOrder":51},{"sectionNumber":"Part VB","sectionType":"part","heading":"Delegations and authorisations","content":"## Part VB—Delegations and authorisations","sortOrder":52},{"sectionNumber":"51H","sectionType":"section","heading":"Delegation by Governor‑General and authorisation by Treasurer","content":"#### 51H Delegation by Governor‑General and authorisation by Treasurer\n\n  (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.\n  (2) The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:\n    (a) a specified person;\n    (b) a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or\n    (c) a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;\n  to exercise a power that has been delegated to the Treasurer under subsection (1).\n  (3) Any act or thing done:\n    (a) by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or\n    (b) by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);\n  has the same force and effect as if it had been done by the Governor‑General.\n  (4) A delegation under subsection (1) does not prevent the exercise of a power by the Governor‑General.\n  (5) The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.","sortOrder":53},{"sectionNumber":"51J","sectionType":"section","heading":"Directions by Governor‑General and Treasurer","content":"#### 51J Directions by Governor‑General and Treasurer\n\n  Where the Governor‑General has delegated a power to the Treasurer under section 51H:\n    (a) the Governor‑General may give directions to the Treasurer with respect to the exercise of that power; and\n    (b) if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:\n    (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\n    (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.","sortOrder":54},{"sectionNumber":"51JA","sectionType":"section","heading":"Delegation by Treasurer","content":"#### 51JA Delegation by Treasurer\n\n  (1) The Treasurer may, by signed instrument, delegate all or any of the Treasurer’s powers under sections 3A, 13C, 14, 27, 29 and 55 to:\n    (a) an SES employee in the Department; or\n    (b) an APS employee who holds or performs the duties of an Executive Level 2, or equivalent, position in the Department; or\n    (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.\n  (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 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.\n  (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard:\n    (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and\n    (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\n    (c) stock and securities invested under section 58 of the Public Governance, Performance and Accountability Act 2013; and\n    (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds.\n\n> Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.\n\n  (3) In exercising the Treasurer’s powers under section 3A, a delegate must comply with:\n    (a) a direction in force under subsection (2); and\n    (b) any other direction given, by signed instrument, to the delegate by the Treasurer.\n  (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.\n  (5) For the purposes of this section:\n    (a) the face value of a Treasury Indexed Bond is taken to be its face value at the time it was issued; and\n    (b) the loan of stock or a security is taken to include an arrangement under which it is sold and repurchased.","sortOrder":55},{"sectionNumber":"Part VI","sectionType":"part","heading":"Miscellaneous","content":"## Part VI—Miscellaneous","sortOrder":56},{"sectionNumber":"52","sectionType":"section","heading":"Investments in stock","content":"#### 52 Investments in stock\n\n  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.","sortOrder":57},{"sectionNumber":"52A","sectionType":"section","heading":"Stock certificates etc. not liable to stamp duty","content":"#### 52A Stock certificates etc. not liable to stamp duty\n\n  (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:\n    (a) stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;\n    (b) documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;\n    (c) cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;\n    (d) documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and\n    (e) cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.\n  (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.\n  (2) In this section:\n\n> 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.","sortOrder":58},{"sectionNumber":"52B","sectionType":"section","heading":"Liability of interest to income tax","content":"#### 52B Liability of interest to income tax\n\n  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.","sortOrder":59},{"sectionNumber":"54","sectionType":"section","heading":"Record of unclaimed interest","content":"#### 54 Record of unclaimed interest\n\n  (1) Each Registrar is to keep a record of the persons:\n    (a) whose names are entered in a Stock Ledger as the owners of legal interests in stock; and\n    (b) in respect of whose stock a claim for interest has not been made for at least 10 years.\n  (2) The record may be kept by electronic means.\n  (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.\n  (4) A Registrar must, on payment of the prescribed fee, make the record available for inspection by any person.","sortOrder":60},{"sectionNumber":"55","sectionType":"section","heading":"Forms","content":"#### 55 Forms\n\n  (1) Each Registrar shall keep the prescribed forms.\n  (2) No forms other than the prescribed forms shall be used except with the approval of the Treasurer.","sortOrder":61},{"sectionNumber":"56","sectionType":"section","heading":"Powers of attorney","content":"#### 56 Powers of attorney\n\n  (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.\n  (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.\n  (3) A power of attorney has effect for all purposes mentioned in the power of attorney until notice of its revocation or of:\n    (a) the bankruptcy;\n    (b) the death; or\n    (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;\n  of the principal has been received by the Registrar at the Registry where the power of attorney was deposited or produced.","sortOrder":62},{"sectionNumber":"58","sectionType":"section","heading":"Regulations","content":"#### 58 Regulations\n\n  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.","sortOrder":63}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act as presented extends beyond the original paper‑certificate inscription model to cover electronic issuance and electronic Stock Ledgers (ss 7(2), 15(2), 24C, 52A(1A)), recognises intermediated ownership through depository nominees and depository interests with tied payment arrangements (definitions; ss 13AA, 13A, 13C), and integrates modern market infrastructure by permitting transfers under clearing and settlement facility rules and Corporations Act mechanisms (ss 24(1A), 24A). It also contains expanded delegation and face‑value direction powers for the Treasurer (ss 51H, 51JA), indicating a broadened operational scope compared with an original solely physical registry model."},"complexity_factors":["Interplay with multiple external statutes and regimes (Corporations Act 2001, Personal Property Securities Act 2009, Treasury Bills Act 1914) increases legal cross‑references and conditional application (see ss 3(2), 24(1A), 24B, 51C).","Delegation and authorisation architecture concentrates operational discretion in Treasurer and delegates while preserving supervisory directions (ss 51H, 51JA, 51J) which creates multi‑tier decision paths.","Modernisation provisions for electronic issuance and electronic Stock Ledgers require technical and procedural rules plus exemptions (ss 7(2), 15(2), 24C, 52A(1A)).","Introduction of depository nominees, depository interests and associated payment flows adds intermediated‑ownership and payment arrangements (definitions, ss 13AA, 13A, 13C).","Appropriations and specified recoverable costs in the Consolidated Revenue Fund tie operational fees, syndication and clearing costs to public finance processes (ss 13AA–13B).","Detailed transfer, transmission and verification procedures (ss 23–30, 27, 29) create procedural compliance burdens and evidentiary rules for registries and claimants.","Criminal and penal offences for falsification and false personation with severe penalties require compliance controls across registries and intermediaries (ss 49–51, 51BA).","Flexibility for regulations and exclusions (Treasurer may disapply facility operating rules under s 24A(2); Governor‑General may make regulations under s 58) increases administrative discretion and implementation variance."],"plain_english_summary":"Mechanically, this Act authorises the Governor‑General and Treasurer to create and issue Commonwealth inscribed stock and Treasury Bonds, requires ownership to be recorded in Registries (including electronic ledgers), sets rules for transfer, transmission and certificates, and allows appointment of Registrars and depository nominees. It also appropriates the Consolidated Revenue Fund to pay principal, interest and certain related fees. The law affects investors, Registrars, clearing/settlement operators, depository nominees and the Treasury by determining who decides (Governor‑General/Treasurer), who pays (the Commonwealth) and how ownership, transfers and payments are carried out."},"summary":{"complexity_score":7,"scope_assessment":{"changed":true,"description":"The original 1911 Act was designed for a relatively straightforward purpose: allowing the Commonwealth to raise money by issuing paper-based inscribed stock recorded in a physical register. Over 112 years of amendment, the Act has grown substantially beyond that original purpose to accommodate: (1) entirely new categories of instruments (Treasury Bonds, Treasury Notes, Debentures) addressed in the added Part VA; (2) the modern electronic clearing and settlement ecosystem, including the formal incorporation of clearing and settlement facility operators as Registrars; (3) depository interests — a sophisticated layered ownership structure allowing intermediaries to hold stock on behalf of investors without appearing on the register, which has no counterpart in the original Act; (4) securities lending arrangements, enabling the Treasurer to lend government securities rather than just issue them; (5) a formal debt ceiling and parliamentary reporting mechanism (s.51JA) reflecting modern fiscal governance; and (6) interaction with the Personal Property Securities Act 2009 regime for security interests in stock. What began as a simple register-and-issue statute is now a multi-layered framework governing the full lifecycle of Commonwealth debt management, including market trading, electronic transfer, depository structures, and complex delegation chains."},"complexity_factors":["Multiple overlapping security instrument types with distinct but interacting rules (inscribed stock, Treasury Bonds, Treasury Notes, Debentures, depository interests), requiring cross-referencing throughout","At least 12 defined terms in the interpretation section, several of which are defined by reference to external legislation (e.g. 'clearing and settlement facility' defined by reference to the Corporations Act 2001)","Extensive cross-referencing to at least 8 other Acts including the Corporations Act 2001, Personal Property Securities Act 2009, Loans Securities Act 1919, Loans Redemption and Conversion Act 1921, Reserve Bank Act 1959, Public Governance Performance and Accountability Act 2013, Treasury Bills Act 1914, and Financial Services Reform Act 2001","Three-tier delegation chain (Governor-General → Treasurer → APS/Reserve Bank officers) with conditional direction obligations at each level in sections 51H, 51J and 51JA","Debt ceiling mechanism in section 51JA(2) with four carve-outs in subsection (2A) requiring calculation of what counts toward the limit","Temporal complexity: multiple provisions operate differently depending on commencement dates of other Acts, with transitional interpretation rules in section 3(2) for pre-Financial Services Reform Act 2001 periods","Part VA (Treasury Bonds) largely mirrors Part II but contains an explicit prohibition in s.51A(3) freezing new issuance, creating a partially zombie regime maintained for historical securities","Structural repetition in the source document (sections appear to be duplicated multiple times in the provided text), adding navigational complexity","Nested conditional logic in transfer provisions (s.24A) — transfers permitted by operating rules of clearing facilities 'which may, if the operating rules so provide, be a way authorised by the Corporations Act 2001', subject to Treasurer override by written notice","Multiple appropriation mechanisms (ss.13AA, 13A, 13B) with overlapping subject-matter requiring careful reading to determine which applies to a given payment"],"plain_english_summary":"## Commonwealth Inscribed Stock Act 1911 — Plain English Summary\n\nThis is one of Australia's oldest pieces of financial legislation, and it still does a very important job: it is the legal foundation for how the **Australian Government borrows money** by issuing government securities — think of these as IOUs the Commonwealth sells to investors.\n\n### What does it actually do?\n\n**Creating and issuing government debt securities.** The Act authorises the Commonwealth to create and sell:\n- **Inscribed stock** — the traditional form of government debt, where ownership is recorded in a register (a \"Stock Ledger\"), a bit like a land title register but for government bonds\n- **Treasury Bonds** — fixed or indexed bonds (where \"indexed\" means the value keeps pace with inflation) that investors can buy\n- **Treasury Notes** and other prescribed securities\n\nThink of it like this: when the government needs to fund spending beyond its income, it sells these securities to investors (banks, superannuation funds, overseas investors). Investors lend money to the Commonwealth and receive interest in return. At the end of the agreed term, the government pays back the original amount.\n\n### Who does it affect?\n\n- **The Treasurer and Governor-General**, who have the power to create, issue and set terms for these securities\n- **Registrars of Stock** — the record-keepers who maintain the official ownership registers (today this function is performed by the Reserve Bank of Australia and modern clearing systems)\n- **Investors** — anyone who buys government bonds, including individuals, superannuation funds, banks, and overseas buyers\n- **Depository nominees** — organisations (like overseas central securities depositories) that hold stock on behalf of other investors and issue \"depository interests\" (essentially a certificate of your share in the underlying stock)\n- **Friendly Societies, Trade Unions, and unincorporated associations** — which are specifically allowed to hold stock under special rules\n\n### Key rules covered\n\n- **Borrowing authority**: The Treasurer can borrow money on behalf of Australia by issuing stock. There is a **debt ceiling** — the Treasurer must set a cap on the total face value of securities on issue and report it to Parliament.\n- **The register**: All stock must be recorded in an official ledger. Whoever's name is in the ledger owns the legal interest in the stock. No more than 4 people can be listed as joint holders. Children under 16 cannot be listed.\n- **Transfers**: Ownership can be transferred electronically or via clearing and settlement systems (the infrastructure that processes trades in financial markets).\n- **When someone dies or goes bankrupt**: There are rules for transferring stock to the deceased's estate or to a bankruptcy trustee.\n- **Depository interests**: Recognises the modern reality that many investors hold bonds indirectly through intermediaries rather than being on the register themselves.\n- **Tax exemptions**: Documents related to stock transactions are generally exempt from stamp duty.\n- **Appropriation**: The Act provides a standing appropriation from the Consolidated Revenue Fund (the government's main account) to pay back investors — meaning the Commonwealth is legally committed to repaying its bondholders without needing further parliamentary approval each time.\n- **Crimes**: Impersonating a stockholder or falsifying stock records carries up to **10 years' imprisonment**.\n\n### Why does this matter?\n\nThis Act is the bedrock of Australia's sovereign debt market — the mechanism by which the Australian Government finances budget deficits and manages its debt. The securities issued under this framework are some of the most traded financial instruments in Australia and are considered among the safest investments in the world. The Act has been substantially updated over the decades to keep pace with electronic trading, modern clearing and settlement infrastructure, and international depository systems."},"issue_detection":{"absurdities":[{"type":"retroactive_impossibility","section":"s 51A(1) and s 51A(3)","severity":"high","reasoning":"Once s 51A(3) commenced, it became permanently impossible to make out, issue or sell any new Treasury Bonds, Debentures or other prescribed securities under Part VA. The remaining provisions of Part VA (s 51B directing terms of sale, s 51BA creating offences for breaching issue conditions, s 51C applying the Treasury Bills Act) are operative provisions with no prospective subjects. s 51B and s 51H's delegation of s 51B powers to the Treasurer become exercises in futility. This is a genuine structural absurdity resulting from the 2002 amendments folding Treasury Bond issuance into the main 'stock' regime under s 4, while leaving the old Part VA framework in place but switched off.","confidence":0.92,"description":"Section 51A(1) grants the Governor-General authority to issue Treasury Bonds, but s 51A(3) then provides that '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.' Section 51B and s 51H(1) then direct the Governor-General to set sale terms and allow delegation of s 51B powers — for instruments that can no longer be created. Part VA is thus largely a dead letter: it creates an elaborate machinery (s 51B, s 51BA, s 51C, s 51E) for instruments whose future issuance is permanently and absolutely prohibited."},{"type":"other","section":"s 51BA","severity":"medium","reasoning":"The 'or both' conjunction on the imprisonment/penalty unit alternative, combined with the mandatory additional 10% surcharge, creates genuine sentencing confusion. The 2 penalty unit maximum is trivially small relative to the magnitude of bond values, suggesting legislative fossilisation. The penalty unit figure has not been updated to reflect modern bond values or modern penalty unit rates, creating a grotesquely asymmetric penalty structure.","confidence":0.78,"description":"Section 51BA creates a criminal offence — punishable by imprisonment for 6 months, 2 penalty units, or both, plus a 10% surcharge on nominal value — for any person who contravenes a term or condition of a Treasury Bond. However, because s 51A(3) prohibits issuance of any new Treasury Bonds in connection with loans raised after its commencement, the only Treasury Bonds capable of giving rise to this offence are legacy instruments. More acutely, the penalty structure is internally absurd: 'imprisonment for 6 months or 2 penalty units, or both' — 2 penalty units is currently $660, while the 10% nominal value surcharge on a Treasury Bond could easily be millions of dollars. A court can impose both imprisonment and a $660 fine simultaneously but must also add an enormous percentage-based penalty, creating a wildly disproportionate and poorly structured penalty regime."},{"type":"self_contradicting","section":"s 22A(4)","severity":"high","reasoning":"The clear legislative intent is to protect the Commonwealth from liability for unauthorised transactions. However, the literal text of s 22A(4) — 'the Commonwealth shall be under no legal liability in respect of any such transaction which is so authorized' — exempts the Commonwealth from liability for authorised transactions (i.e., the ones that comply with the section). This is a drafting inversion. The same error appears to be replicated in s 22B(4): 'the Commonwealth is not under any legal liability in respect of any such transaction that is so authorized.' Both provisions appear to mean the Commonwealth incurs no liability when it processes a transaction that has been properly authorised by the appointed signatories — but this is absurd, since those are precisely the transactions the Commonwealth has agreed to honour.","confidence":0.72,"description":"Section 22A(4) provides that 'the Commonwealth shall be under no legal liability in respect of any such transaction which is so authorized.' Read literally, this means the Commonwealth has no liability for transactions that ARE properly authorised — i.e., the very transactions it has implicitly sanctioned by allowing the inscription regime. The provision almost certainly intends to say the Commonwealth bears no liability for transactions that are NOT so authorised, but the drafting produces the opposite effect."},{"type":"other","section":"s 14(1)","severity":"low","reasoning":"Legislative paragraph (b) is simply missing from s 14(1), jumping from (a) to (c). While this may result from a deliberate repeal of a former paragraph (b), the text as presented gives no indication of this, potentially raising questions about whether there are unstated powers or a drafting gap. This is a structural peculiarity rather than a logical impossibility, but it is worth flagging.","confidence":0.85,"description":"Section 14(1) lists subsections (a) and (c) — establishing Registries and appointing Registrars — but subsection (b) is entirely absent from the text. No explanation is given for the missing paragraph (b). This creates potential ambiguity about whether an omitted power exists."},{"type":"circular_definition","section":"s 3 — definition of 'stock'","severity":"low","reasoning":"The definition uses the definiendum ('stock') as part of the definiens ('stock, Treasury Bonds, Treasury Notes...'). In context, the surrounding items (Treasury Bonds, Treasury Notes, prescribed securities) provide sufficient content to understand the term in practice, and courts would read the first 'stock' as referring to traditional inscribed stock instruments. However, as a matter of pure logical drafting, the definition is circular and relies on the reader already knowing what 'stock' means to interpret its own definition.","confidence":0.8,"description":"The definition of 'stock' in s 3(1) is partially self-referential. Paragraph (a) defines 'stock' to mean 'stock, Treasury Bonds, Treasury Notes or other prescribed securities created under subsection 4(1).' The word 'stock' is used within its own definition without any base definition to anchor it. The reader must understand what 'stock' means in order to understand the definition of 'stock.'"},{"type":"retroactive_impossibility","section":"s 51E(1) and s 51E(2)","severity":"medium","reasoning":"The combined effect of s 51E(2) and s 51A(3) renders the bilateral exchange mechanism in s 51E(1) practically inoperable going forward. This is not a logical contradiction per se, but it is a provision that Parliament has effectively rendered purposeless through subsequent amendments while leaving the original text intact, creating a misleading impression of an operative conversion mechanism.","confidence":0.88,"description":"Section 51E(1) permits stock to be exchanged for Treasury Bonds, and vice versa. Section 51E(2) then provides that 'stock issued or sold after the commencement of this subsection may not be exchanged for Treasury Bonds.' Since virtually all currently on-issue stock was issued after s 51E(2) commenced, and since s 51A(3) independently prohibits any new Treasury Bonds from being issued, s 51E(1) is effectively a dead letter in both directions: new stock cannot be exchanged for Treasury Bonds (s 51E(2)), and no new Treasury Bonds can be issued to be exchanged for stock (s 51A(3)). The conversion machinery in s 51E(1) operates on a vanishingly small universe of pre-commencement instruments."}],"contradictions":[{"severity":"high","section_a":"s 51A(1)","section_b":"s 51A(3)","confidence":0.93,"description":"Section 51A(1) grants the Governor-General ongoing authority to authorise the Treasurer to make out Treasury Bonds and Debentures for raising money by way of loan or converting loans. Section 51A(3) then provides, 'notwithstanding subsection (1)', that 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 s 51A(3). The two subsections directly conflict: one creates the power, the other permanently extinguishes its core use. The 'notwithstanding' saves s 51A(3) as the operative rule, but the combined effect is that s 51A(1) is preserved in text while being operationally neutered."},{"severity":"medium","section_a":"s 51E(1)","section_b":"s 51E(2)","confidence":0.9,"description":"Section 51E(1) expressly permits stock to be exchanged for Treasury Bonds and Treasury Bonds to be exchanged for stock. Section 51E(2) then directly overrides this by providing that stock issued or sold after commencement of that subsection may not be exchanged for Treasury Bonds. Since essentially all currently on-issue stock post-dates s 51E(2)'s commencement, the permission in s 51E(1) for stock-to-bond conversion is contradicted and negated by s 51E(2) for the overwhelming majority of stock in existence."},{"severity":"high","section_a":"s 22A(4)","section_b":"s 22A(2)","confidence":0.73,"description":"Section 22A(2) establishes the authorisation mechanism for transactions — requiring documents to be signed by 2 or more appointed persons. Section 22A(4) then purports to relieve the Commonwealth of legal liability 'in respect of any such transaction which is so authorized' — i.e., transactions that comply with s 22A(2). This contradicts the entire purpose of the authorisation mechanism: if proper authorisation relieves the Commonwealth of liability, there is no incentive for the Commonwealth to honour validly authorised transactions. The provision almost certainly intends to address unauthorised transactions, placing it in direct contradiction with its own text. The identical issue arises between s 22B(2) and s 22B(4)."},{"severity":"medium","section_a":"s 51H(1)","section_b":"s 51A(3)","confidence":0.82,"description":"Section 51H(1) permits the Governor-General to delegate to the Treasurer powers under s 51B (the section governing the manner, price and terms of Treasury Bond sales). However, s 51A(3) prohibits Treasury Bonds from being made out, issued or sold in connection with any loan raised after its commencement. Delegating the power to set terms of sale for instruments that cannot lawfully be sold is an internally inconsistent arrangement — the delegation mechanism in s 51H(1) presupposes an operative s 51B, which is itself presupposed by an operative s 51A(1), which is overridden by s 51A(3)."},{"severity":"low","section_a":"s 15(1)","section_b":"s 7(2)","confidence":0.55,"description":"Section 15(1) requires that 'all stock issued shall be inscribed in a Stock Ledger at a Registry.' Section 7(2) provides that 'stock may be issued by electronic means.' Where stock is issued entirely electronically (as is now the norm with Commonwealth Government Securities via the AOFM and Austraclear), the requirement to inscribe in a traditional Stock Ledger 'at a Registry' by 'entering therein the name of the owner' sits in tension with purely electronic issuance and settlement systems. Section 15(2) partially resolves this by allowing electronic ledgers, but the requirement that stock be inscribed 'at a Registry' (a physical establishment under s 14(1)(a)) may not be met by modern electronic systems that operate without a physical registry in the traditional sense."}]},"kimi_summary":{"_metrics":{"completionTokens":700},"content_quality":"ok","complexity_score":7,"scope_assessment":{"changed":true,"description":"The Act has expanded significantly from its original 1911 purpose of creating inscribed stock for government borrowing. Modern amendments have added: electronic issuance and transfer systems; depository interests and nominee arrangements; clearing and settlement facility integration; securities lending arrangements; complex delegation frameworks; and detailed appropriation provisions for associated costs. The scope now encompasses sophisticated financial market infrastructure well beyond simple inscribed stock registration."},"complexity_factors":["Multiple defined terms with nested definitions (e.g., 'stock' has 3 sub-paragraphs, 'depository nominee' has 3 alternative conditions)","Extensive cross-referencing to other Acts (Corporations Act 2001, Personal Property Securities Act 2009, Banking Act 1959, Reserve Bank Act 1959, etc.)","Historical layering: provisions amended multiple times with transitional rules preserving old meanings","Complex delegation chains: Governor-General → Treasurer → SES/APS employees/Reserve Bank staff","Conditional logic with exceptions (e.g., section 51A(3) overrides subsection (1) for loans raised after commencement)","Dual pathways for transfers: via regulations OR via clearing and settlement facility operating rules","Specific carve-outs and disregards in calculations (section 51JA(2A) has 4 exclusion categories)","Preservation of equitable interests alongside legal interests creates layered property rights"],"plain_english_summary":"This Act is the legal foundation for how the Australian Government borrows money and manages government bonds (called \"stock\" in the Act). Think of it as the rulebook for Australia's government debt.\n\n**What it does:**\n\n- **Creates government debt instruments**: Allows the Governor-General (on behalf of the Government) to create and issue Treasury Bonds, Treasury Notes, and other securities to raise loans for the Commonwealth. This is how the government borrows money from investors.\n\n- **Establishes a registration system**: Sets up official Registries with Registrars who maintain Stock Ledgers recording who owns what government debt. All government stock must be \"inscribed\" (registered) in these ledgers.\n\n- **Manages transfers and ownership**: Governs how government debt can be bought, sold, transferred, or passed on when someone dies. Stock can be held in electronic form and transferred electronically.\n\n- **Protects the system**: Makes it a serious criminal offence (up to 10 years imprisonment) to fraudulently falsify records, impersonate owners, or forge documents related to government stock.\n\n- **Modern additions**: The Act has been updated to allow for \"depository interests\" (beneficial ownership arrangements similar to how shares are often held), clearing and settlement facilities (like ASX's clearing house), and electronic management of stock.\n\n**Who it affects:**\n\n- **Investors**: Anyone who buys government bonds (directly or through funds)\n- **Financial institutions**: Banks, brokers, and clearing houses that handle government securities\n- **The Government**: The Treasurer and officials who manage Australia's debt program\n\n**Why it matters:**\n\nThis Act underpins Australia's ability to fund itself. Government bonds are considered among the safest investments in Australia, and this legislation ensures the system is trustworthy, transparent, and efficient. It balances modern electronic trading with protections against fraud and ensures the government can always pay what it owes."}},"importantCases":[],"_links":{"self":"/api/acts/commonwealth-inscribed-stock-act-1911","history":"/api/acts/commonwealth-inscribed-stock-act-1911/history","analysis":"/api/acts/commonwealth-inscribed-stock-act-1911/analysis","conflicts":"/api/acts/commonwealth-inscribed-stock-act-1911/conflicts","importantCases":"/api/acts/commonwealth-inscribed-stock-act-1911/important-cases","documents":"/api/acts/commonwealth-inscribed-stock-act-1911/documents"}}