{"id":"nsw:act-1902-079","name":"Inscribed Stock Act 1902","slug":"inscribed-stock-act-1902","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"79 of 1902","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":112042,"registerId":"nsw-act-1902-079-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Name of Act","content":"#### 1 Name of Act\n\n1 Name of Act\n\n> This Act may be cited as the [Inscribed Stock Act 1902](/view/html/inforce/current/act-1902-079).","sortOrder":0},{"sectionNumber":"2","sectionType":"section","heading":"Repeal","content":"#### 2 Repeal\n\n2 Repeal\n\n> The Acts mentioned in the Schedule hereto are to the extent therein mentioned hereby repealed.","sortOrder":1},{"sectionNumber":"3","sectionType":"section","heading":"Existing officers","content":"#### 3 Existing officers\n\n3 Existing officers\n\n> All registrars agents commissioners and other officers appointed under either of the Acts hereby repealed and holding office at the time of the passing of this Act shall remain in office as if this Act had been in force at the time they were appointed and they had been appointed hereunder and this Act shall apply to them accordingly.","sortOrder":2},{"sectionNumber":"4","sectionType":"section","heading":"Existing regulations","content":"#### 4 Existing regulations\n\n4 Existing regulations\n\n> All regulations duly made under the authority of either of the Acts hereby repealed and in force at the time of the passing of this Act shall be deemed to be and to have been duly made under the corresponding provisions of this Act and as if this Act had been in force when the same were made.","sortOrder":3},{"sectionNumber":"5","sectionType":"section","heading":"Definitions","content":"#### 5 Definitions\n\n5 Definitions\n\n> In this Act unless the context or subject-matter otherwise indicates or requires:\n> \n> Stock means Inscribed Stock.","sortOrder":4},{"sectionNumber":"6","sectionType":"section","heading":"Loans may be raised in the form of Stock","content":"#### 6 Loans may be raised in the form of Stock\n\n6 Loans may be raised in the form of Stock\n\n> Whenever by any Act now or hereafter in force power is given to the Governor to raise any sums of money by way of loan for the public service of New South Wales the Governor may raise the whole or any portion of such sums in the form of Stock.","sortOrder":5},{"sectionNumber":"7","sectionType":"section","heading":"Conditions attached to issue of Stock &c","content":"#### 7 Conditions attached to issue of Stock &c\n\n7 Conditions attached to issue of Stock &c\n\n> All such Stock shall be styled “New South Wales Stock” and subject to the provisions of this Act shall:\n> \n> > (a) be issued in such amounts in such manner and at such times\n> \n> > (b) bear interest at such rate not exceeding four per centum per annum\n> \n> > (c) be redeemable at such times and on such conditions and\n> \n> > (d) be subject to such terms and conditions\n> \n> as the Governor before exercising the aforesaid power from time to time determines and appoints.\n> \n> Editorial note—","sortOrder":6},{"sectionNumber":"8","sectionType":"section","heading":"Conversion of debentures into Stock","content":"#### 8 Conversion of debentures into Stock\n\n8 Conversion of debentures into Stock\n\n> The Governor may exercise all or any of the following powers:\n> \n> > (a) declare all or any of the debentures issued under the authority of any Act to be convertible into Stock redeemable at such times and subject to such terms and conditions as he before the creation thereof determines and appoints\n> \n> > (b) authorise the issue of an equivalent amount of such Stock in exchange for such debentures\n> \n> > (c) authorise on such conditions as he determines the creation and issue of any Stock for the purpose of converting any outstanding debentures into Stock and of paying any expenses in connection with such conversion or in carrying out the provisions of this Act.","sortOrder":9},{"sectionNumber":"9","sectionType":"section","heading":"How conversion may be effected","content":"#### 9 How conversion may be effected\n\n9 How conversion may be effected\n\n> > (1) Any such conversion of debentures into Stock may be effected either:\n> > \n> > > (a) by arrangement with the holders of such debentures or\n> > \n> > > (b) by purchase thereof out of moneys raised by the sale of new Stock or\n> > \n> > > (c) partly in the one way and partly in the other.\n> \n> > (2) Nothing in this Act shall authorise an increase in the authorised amount of any loan save only where debentures exchanged for Stock bear a higher rate of interest than such Stock in which case an additional amount of Stock may be issued to make up the difference in current saleable value between such Stock and debentures.","sortOrder":10},{"sectionNumber":"10","sectionType":"section","heading":"Principal and interest on Stock how payable","content":"#### 10 Principal and interest on Stock how payable\n\n10 Principal and interest on Stock how payable\n\n> The principal money due and payable in respect of any Stock together with all interest payable thereon shall be paid by the Treasurer out of the Consolidated Revenue Fund.","sortOrder":11},{"sectionNumber":"11","sectionType":"section","heading":"Agreement with bank in London for issue of Stock &c","content":"#### 11 Agreement with bank in London for issue of Stock &c\n\n11 Agreement with bank in London for issue of Stock &c\n\n> The Governor may from time to time enter into such agreements as to him seem fit with any bank carrying on business in London and willing to act as registrar to provide for all or any of the following matters:\n> \n> > (a) the inscription and issue of Stock\n> \n> > (b) effecting the conversion of debentures into Stock and regulating transfers of Stock\n> \n> > (c) paying interest on Stock\n> \n> > (d) issuing Stock certificates and as often as occasion requires reinscribing or reissuing such certificates\n> \n> > (e) receiving all moneys raised under this Act and paying such moneys into the Public Account with the bank duly appointed in that behalf\n> \n> > (f) issuing scrip for deposits on loans raised by the sale of Stock\n> \n> > (g) paying off capital of Stock or loans\n> \n> > (h) conducting generally all business connected with Stock or loans\n> \n> > (i) the protection and remuneration of any such bank under and in respect of any such agreement.","sortOrder":12},{"sectionNumber":"12","sectionType":"section","heading":"Effect of agreement with bank","content":"#### 12 Effect of agreement with bank\n\n12 Effect of agreement with bank\n\n> Every agreement made with any such bank shall be as valid and effectual as if the terms thereof had been enacted by this Act and all remuneration payable thereunder to such bank shall be a charge on and payable out of the Consolidated Revenue Fund.","sortOrder":13},{"sectionNumber":"13","sectionType":"section","heading":"Treasurer shall pay amount of judgment in England in respect of stock of New South Wales","content":"#### 13 Treasurer shall pay amount of judgment in England in respect of stock of New South Wales\n\n13 Treasurer shall pay amount of judgment in England in respect of stock of New South Wales\n\n> Where in any legal proceedings in a court in the United Kingdom in relation to the register of Stock of New South Wales or to an entry in or omission from that register or to a right or title to or interest in any such Stock or any dividend thereon or upon any petition of right in England in relation to such Stock or dividend presented by any person claiming to be interested in the same the registrar appointed in pursuance of the [Inscribed Stock Act of 1883](/view/pdf/asmade/act-1883-4a) or this Act is liable under the Imperial Act intituled the Colonial Stock Act 1877 in respect of any judgment decree rule or order of the court the Treasurer shall issue his warrant for the payment from the Consolidated Revenue Fund of such amount as may be necessary to satisfy any such judgment decree or order.","sortOrder":14},{"sectionNumber":"14","sectionType":"section","heading":"Appointment of agents in London","content":"#### 14 Appointment of agents in London\n\n14 Appointment of agents in London\n\n> > (1) The Governor may appoint two or more persons in London as agents for the purposes of this Act of whom one shall be the Agent-General of New South Wales and may empower such agents or any one or more of them to exercise such powers by this Act exercisable by the Governor as the Governor may authorise or direct.\n> \n> > (2) Every such appointment of an agent shall be notified to any bank with which any agreement has been entered into under this Act and the power and authority of every such agent shall continue in force until such bank has received a notice signed by the Governor of the termination of the agent’s appointment.","sortOrder":15},{"sectionNumber":"15","sectionType":"section","heading":"Saving clause","content":"#### 15 Saving clause\n\n15 Saving clause\n\n> Nothing in this Act and nothing done under this Act except by agreement shall abridge or in any way affect the rights or remedies which any person would have had against the Consolidated Revenue Fund or otherwise if this Act had not been passed.","sortOrder":16},{"sectionNumber":"16","sectionType":"section","heading":"Appointment of Commissioners to deal with Stock for Colonial investors","content":"#### 16 Appointment of Commissioners to deal with Stock for Colonial investors\n\n16 Appointment of Commissioners to deal with Stock for Colonial investors\n\n> > (1) The Governor may appoint two or more persons to be commissioners to accept transfer of and deal with stock inscribed upon the register in London for the purpose of enabling persons in New South Wales to hold Stock under this Act.\n> \n> > (2) The Governor may make regulations for carrying the provisions of this section into effect and all such regulations on being published in the Gazette shall be valid in law.","sortOrder":17},{"sectionNumber":"17","sectionType":"section","heading":"Matters to be reported to Parliament","content":"#### 17 Matters to be reported to Parliament\n\n17 Matters to be reported to Parliament\n\n> The Treasurer shall within thirty days after the meeting of Parliament in each year lay before both Houses of Parliament\n> \n> > (i) a report showing\n> > \n> > > (a) the particulars of every creation and inscription of stock whether created for the purpose of raising a loan or for the conversion of outstanding debentures\n> > \n> > > (b) the capital amount of such Stock\n> > \n> > > (c) the rate of interest thereon\n> > \n> > > (d) the currency and condition of redemption thereof\n> > \n> > > (e) the particulars of every redemption or payment of the capital amount of any loan or of any portion thereof and\n> \n> > (ii) copies of all agreements appointments rules and regulations effected entered into or made under the authority of this act prior to such date of meeting.","sortOrder":18},{"sectionNumber":"sch","sectionType":"schedule","heading":null,"content":"# sch\n\nSchedule\n\n| Reference to Act | Title or short title | Extent of repeal |\n| 46 Vic No 12 | The Inscribed Stock Act of 1883 | The whole Act |\n| No 69, 1900 | The Inscribed Stock (Registrar) Act 1900 | The whole Act |","sortOrder":19}],"analysis":{"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Based on available metadata, the Act appears to have remained entirely unchanged since its enactment on 15 September 1902 — there is only one point-in-time version and no record of any amendments. Its scope has not changed from its original intent, though that original intent (governing an inscribed stock registration system) has become effectively redundant through changes in government finance practice rather than through legislative amendment."},"complexity_factors":["The actual text of the Act is not provided — only metadata and navigation elements from the NSW legislation website are visible, making substantive analysis impossible","The subject matter (inscribed stock / government debt registration) involves specialised financial and administrative law concepts that would be unfamiliar to most people","Age of the legislation (1902) means it uses archaic drafting style and terminology if the full text were available","Despite its age, it has never been amended, suggesting either extreme simplicity or complete obsolescence"],"plain_english_summary":"The Inscribed Stock Act 1902 (NSW) is an old law governing a now-obsolete form of government borrowing where debt was recorded in a register rather than by tradable certificates. It originally affected the NSW government, investors holding inscribed stock, and officials managing the register.\n\nToday it is effectively dormant: technically still in force but of little practical relevance to modern finance, mainly of interest to legal historians or archivists."},"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The legislation remains focused on its original purpose of establishing the framework for NSW government borrowing through inscribed stock. While editorial notes indicate subsequent amendments (particularly the 1915 Loans (Interest) Act temporarily modifying the 4% interest rate cap), the core scope of regulating government bond issuance, conversion of debentures, and London-based registration has not expanded beyond the original financial management intent."},"complexity_factors":["Only 1 defined term ('Stock') in the interpretation section (Section 5)","Straightforward procedural structure with minimal cross-referencing","Simple conditional logic limited to basic 'if-then' scenarios (e.g., Section 9(2) on interest rate differences)","No nested exceptions or complex definitional chains","Short length (17 sections plus schedule)","Clear separation of powers between Governor, Treasurer, and appointed agents","Editorial notes indicate subsequent amendments but don't complicate the original text structure"],"plain_english_summary":"This law sets up the rules for how the New South Wales government can borrow money by issuing government bonds (called 'Inscribed Stock').\n\n**What it does:**\n- Allows the Governor to raise loans for public services by creating and selling government bonds (Section 6).\n- These bonds are called 'New South Wales Stock' and can earn interest up to 4% per year (though a later 1915 law temporarily allowed higher rates) (Section 7).\n- Lets the government convert old debts (debentures) into these new bonds (Sections 8-9).\n- Sets up a system where a bank in London can manage the bond register, handle transfers, and pay interest to investors (Sections 11-12).\n- Ensures that if the government loses a court case in England about these bonds, the Treasurer will pay the judgment from state funds (Section 13).\n- Allows the appointment of agents in London and commissioners in the colony to handle bond matters for local and overseas investors (Sections 14, 16).\n- Requires the Treasurer to report to Parliament each year on all bond creations, conversions, and redemptions (Section 17).\n\n**Who it affects:**\n- The NSW government and its Treasury (who must pay the bonds back).\n- Investors who buy NSW government bonds (mostly in London, but also locally).\n- Banks in London that act as registrars for the bonds.\n- The Agent-General and other agents in London who represent NSW interests.\n\n**Why it matters:**\nThis was a crucial piece of financial infrastructure for the colony (and later state) of New South Wales. It allowed the government to borrow money cheaply from British investors to fund public works like railways, roads, and buildings. The law ensured British investors could trust NSW bonds by providing legal protections, a London-based registration system, and guaranteed payment from the Consolidated Revenue Fund (the government's main bank account)."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"This Act consolidates and replaces the two earlier Inscribed Stock Acts but preserves existing officers, regulations and rights (s2, Schedule; ss3–4, 15). It continues and centralises authority for raising loans as inscribed stock and related arrangements (ss6–7, 11–12) rather than expanding the statutory purpose beyond enabling stock‑based borrowing and associated administration."},"complexity_factors":["Governor has broad discretion to determine amounts, timing, interest (≤4%) and redemption/other terms (s7) — creates executive flexibility.","Conversion mechanics for debentures into stock and conditions for exchange or purchase (ss8–9) introduce transactional detail and valuation adjustments.","Cross‑border operational arrangements: powers to contract with London banks as registrars and appoint London agents, making foreign agreements legally effective and chargeable to Consolidated Revenue Fund (ss11–12, 14).","Financial charge and state liability: principal and interest payable from Consolidated Revenue Fund; Treasurer must satisfy certain UK judgments (ss10, 13) — fiscal impact and creditor protection.","Transitional and saving provisions preserving existing officers, regulations and private rights (ss3–4, 15) — affects continuity and legal certainty.","Reporting and transparency requirement: annual parliamentary report detailing creations, terms and agreements (s17).","Regulation‑making and appointments for colonial investors and operational detail (s16) create delegated administration and potential implementation complexity.","Repeal and consolidation of earlier Acts (Schedule, s2) can require cross‑referencing historic instruments to understand prior rights."],"plain_english_summary":"Creates a legal framework allowing New South Wales to raise public loans as “Inscribed Stock” under terms the Governor sets (including an interest cap of four per cent), to convert existing debentures into stock, and to contract with London banks and appoint agents to manage inscription, transfers and payments. Payments and bank remuneration are charged to the Consolidated Revenue Fund, existing officers and regulations are preserved, and the Treasurer must report annually to Parliament. Affects government borrowing, stock/debenture holders, registrars, banks and appointed agents."},"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"},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/inscribed-stock-act-1902","history":"/api/acts/inscribed-stock-act-1902/history","analysis":"/api/acts/inscribed-stock-act-1902/analysis","conflicts":"/api/acts/inscribed-stock-act-1902/conflicts","importantCases":"/api/acts/inscribed-stock-act-1902/important-cases","documents":"/api/acts/inscribed-stock-act-1902/documents"}}