{"id":"nsw:act-1912-051","name":"Inscribed Stock (Issue and Renewals) Act 1912","slug":"inscribed-stock-issue-and-renewals-act-1912","collection":"act","jurisdiction":"nsw","status":"in_force","isInForce":true,"actNumber":"51 of 1912","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":111989,"registerId":"nsw-act-1912-051-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"Part 1","sectionType":"part","heading":"Preliminary","content":"# Part 1 Preliminary\n\nPart 1 Preliminary\n\n**pt 1, hdg:** Ins 1999 No 31, Sch 5.50 \\[2\\].","sortOrder":0},{"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 (Issue and Renewals) Act 1912](/view/html/inforce/current/act-1912-051).","sortOrder":1},{"sectionNumber":"2","sectionType":"section","heading":"Interpretation","content":"#### 2 Interpretation\n\n2 Interpretation\n\n> In this Act, unless the context or subject-matter otherwise indicates or requires, stock means inscribed stock.","sortOrder":2},{"sectionNumber":"Part 2","sectionType":"part","heading":"Issue of stock for loans","content":"# Part 2 Issue of stock for loans\n\nPart 2 Issue of stock for loans\n\n**pt 2, hdg:** Ins 1999 No 31, Sch 5.50 \\[3\\].","sortOrder":3},{"sectionNumber":"3","sectionType":"section","heading":"Loans by the issue of NSW stock","content":"#### 3 Loans by the issue of NSW stock\n\n3 Loans by the issue of NSW stock\n\n> Where, by any Act whenever passed, power is given to the Governor to raise any sums of money by way of loan, the Governor may raise the whole of any portion of such sums by the issue of stock in New South Wales.","sortOrder":4},{"sectionNumber":"Part 3","sectionType":"part","heading":"Conversion of debentures and stock","content":"# Part 3 Conversion of debentures and stock\n\nPart 3 Conversion of debentures and stock\n\n**pt 3, hdg:** Ins 1999 No 31, Sch 5.50 \\[4\\].","sortOrder":5},{"sectionNumber":"4","sectionType":"section","heading":"Conversion of debentures into stock, and renewal of maturing stock","content":"#### 4 Conversion of debentures into stock, and renewal of maturing stock\n\n4 Conversion of debentures into stock, and renewal of maturing stock\n\n> > (1) The Governor may:\n> > \n> > > (a) declare any debentures, wherever payable, issued under the authority of any Act, whenever passed, to be convertible into stock issued in New South Wales or to be renewable by the issue of other debentures, and\n> > \n> > > (b) declare any maturing stock, wherever payable, issued under the authority of any Act, whenever passed, to be renewable by the issue in New South Wales or in London of other stock or to be convertible into debentures.\n> > \n> > And any such declaration on being published in the Gazette shall have the force of law.\n> \n> > (2) The Governor may create and issue in New South Wales or in London debentures or stock for the purpose of such conversion or renewal, and of paying any expenses in connection therewith.\n> \n> **s 4:** Am 1914 No 30, sec 3 (a)–(c).","sortOrder":6},{"sectionNumber":"5","sectionType":"section","heading":"How conversion or renewal may be effected","content":"#### 5 How conversion or renewal may be effected\n\n5 How conversion or renewal may be effected\n\n> Any such conversion or renewal of debentures or stock may be effected either:\n> \n> > (a) by arrangement with the holders of such debentures or stock,\n> \n> > (b) by purchase or redemption of the debentures or stock, and the issue in New South Wales or in London of other debentures or stock, or\n> \n> > (c) partly in the one way and partly in the other.\n> \n> **s 5:** Am 1914 No 30, sec 3 (d) (e).","sortOrder":7},{"sectionNumber":"6","sectionType":"section","heading":"No increase of amount of loan","content":"#### 6 No increase of amount of loan\n\n6 No increase of amount of loan\n\n> Nothing in this Act shall authorise an increase in the authorised amount of any loan:\n> \n> Provided that where, in issuing new debentures or stock for conversion or renewal purposes, it is necessary to issue such debentures or stock at or below par, an additional amount of such debentures or stock may be issued so as to provide for the full amount required for such conversion or renewal.\n> \n> **s 6:** Am 1914 No 30, sec 3 (f).","sortOrder":8},{"sectionNumber":"7","sectionType":"section","heading":"Maturing stock may be charged to general loan account","content":"#### 7 Maturing stock may be charged to general loan account\n\n7 Maturing stock may be charged to general loan account\n\n> Any debentures or stock, wherever payable, issued under the authority of a Loan Act, whenever passed, may be paid out of the general loan account pending the issue in New South Wales or in London of stock or debentures for conversion or renewal of such debentures or stock.\n> \n> **s 7:** Am 1914 No 30, sec 3 (g).","sortOrder":9},{"sectionNumber":"Part 4","sectionType":"part","heading":"Issue of Treasury Bills","content":"# Part 4 Issue of Treasury Bills\n\nPart 4 Issue of Treasury Bills\n\n**pt 4, hdg:** Ins 1999 No 31, Sch 5.50 \\[5\\].","sortOrder":10},{"sectionNumber":"7A","sectionType":"section","heading":"Issue of Treasury Bills","content":"#### 7A Issue of Treasury Bills\n\n7A Issue of Treasury Bills\n\n> **s 7A, hdg:** Ins 1914 No 30, sec 2. Rep 1999 No 31, Sch 5.50 \\[1\\].\n> \n> > (1) Pending the issue of stock or debentures under the authority of this Act for conversion or renewal of maturing debentures or stock, the Governor may, by the issue of Treasury Bills secured upon the Consolidated Revenue Fund, raise such sums of money not exceeding in the whole the amount of moneys authorised to be raised for such conversion or renewal.\n> \n> > (2) Such Treasury Bills shall bear interest at a rate not exceeding eight dollars per centum per annum, and shall have such currency, not exceeding five years, as the Governor may direct: Provided that any such bills issued within twelve months after the passing of the [Inscribed Stock (Renewals) Amendment Act 1914](/view/pdf/asmade/act-1914-30), may bear interest at a rate exceeding eight dollars per centum per annum.\n> \n> **ss 7A–7C:** Ins 1914 No 30, sec 2.","sortOrder":11},{"sectionNumber":"7B","sectionType":"section","heading":"Charging of principal moneys and interest","content":"#### 7B Charging of principal moneys and interest\n\n7B Charging of principal moneys and interest\n\n> The principal moneys for which such Treasury Bills may be made out shall be chargeable on and payable out of the General Loan Account on the maturing of such bills. The interest on such Treasury Bills shall be chargeable on and payable out of the Consolidated Revenue Fund.\n> \n> **ss 7A–7C:** Ins 1914 No 30, sec 2.","sortOrder":12},{"sectionNumber":"7C","sectionType":"section","heading":"Application of provisions of Treasury Bills Act 1902","content":"#### 7C Application of provisions of Treasury Bills Act 1902\n\n7C Application of provisions of Treasury Bills Act 1902\n\n> The provisions of the Treasury Bills Act 1902, relating to the making out, signing, numbering, dating, and to the amounts of the Treasury Bills authorised by that Act to be issued, and to the cancellation of defaced Treasury Bills and the issue of new bills in lieu of such bills and also of such bills as are lost, burned, or otherwise destroyed, and to the cancellation of discharged bills, shall apply to Treasury Bills issued under this Act.\n> \n> **ss 7A–7C:** Ins 1914 No 30, sec 2.","sortOrder":13},{"sectionNumber":"7D","sectionType":"section","heading":"Renewal of Treasury Bills","content":"#### 7D Renewal of Treasury Bills\n\n7D Renewal of Treasury Bills\n\n> > (1) Any Treasury Bills issued under the authority of any Loan Act or of this Act may be renewed from time to time for such times and upon such terms as the Governor may approve.\n> \n> > (2) This section shall extend to Treasury Bills issued or renewed by the Commonwealth on behalf of the State before as well as after the commencement of the [Inscribed Stock (Issue and Renewals) Amendment Act 1931](/view/pdf/asmade/act-1931-1).\n> \n> **s 7D:** Ins 1931 No 1, sec 2.","sortOrder":14},{"sectionNumber":"Part 5","sectionType":"part","heading":"Issue and inscription of stock","content":"# Part 5 Issue and inscription of stock\n\nPart 5 Issue and inscription of stock\n\n**pt 5, hdg:** Ins 1999 No 31, Sch 5.50 \\[6\\].","sortOrder":15},{"sectionNumber":"8","sectionType":"section","heading":"Governor may make regulations","content":"#### 8 Governor may make regulations\n\n8 Governor may make regulations\n\n> The Governor may make regulations for:\n> \n> > (a) the inscription and issue of stock at the Treasury,\n> \n> > (b) effecting the conversion of debentures into stock issued in New South Wales and regulating transfers and renewals of such stock,\n> \n> > (c) paying interest on such stock,\n> \n> > (d) issuing stock certificates and, as often as occasion requires, reinscribing stock and reissuing such certificates,\n> \n> > (e) receiving all moneys raised under this Act, and paying such moneys into the general loan account with the bank keeping the Government accounts,\n> \n> > (f) issuing scrip for deposits on loans raised by the sale of stock issued in New South Wales,\n> \n> > (g) paying off capital of stock and loans,\n> \n> > (h) conducting generally all business connected with such stock and loans.\n> \n> And all such regulations, on being published in the Gazette, shall be valid in law.","sortOrder":16},{"sectionNumber":"9","sectionType":"section","heading":"Existing regulations","content":"#### 9 Existing regulations\n\n9 Existing regulations\n\n> > (1) Until regulations are duly made under this Act, all regulations made and in force at the commencement of this Act, under the Funded Stock Act 1892, and applicable to stock issued thereunder, shall be deemed to apply, mutatis mutandis, to stock issued in New South Wales under this Act.\n> \n> > (2) Any reference made in a Loan Act passed before the commencement of this Act to the application of any of the provisions of the Funded Stock Act 1892, to stock issued in New South Wales shall be deemed to be a reference to the application of similar provisions of this Act to any such stock.","sortOrder":17},{"sectionNumber":"10","sectionType":"section","heading":"Conditions attached to issue of stock, &c","content":"#### 10 Conditions attached to issue of stock, &c\n\n10 Conditions attached to issue of stock, &c\n\n> Stock issued under this Act 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 such issue, from time to time determines and appoints.","sortOrder":18},{"sectionNumber":"11","sectionType":"section","heading":"Principal and interest on stock, how payable","content":"#### 11 Principal and interest on stock, how payable\n\n11 Principal and interest on stock, how payable\n\n> The principal money due and payable in respect of any debentures or stock sold or issued under this Act shall be secured upon the Consolidated Revenue and all interest payable thereon shall be paid by the Treasurer out of the Consolidated Revenue Fund.\n> \n> **s 11:** Am 1914 No 30, sec 4 (a).","sortOrder":19},{"sectionNumber":"12","sectionType":"section","heading":"Power to trustees and others to invest in stock","content":"#### 12 Power to trustees and others to invest in stock\n\n12 Power to trustees and others to invest in stock\n\n> Any stock, debenture, or treasury bill sold or issued under this Act is hereby declared to be for all purposes a Government security; and all corporations and other persons may invest in the purchase of such stock debentures or treasury bills any property held by them, whether as trustees or otherwise, which they are not expressly forbidden to invest in Government stock or securities, without on that account being liable for a breach of trust and without incurring any liability whatsoever, provided that such investment is in other respects reasonable and proper.\n> \n> **s 12:** Am 1914 No 30, sec 4 (b) (c).","sortOrder":20},{"sectionNumber":"13","sectionType":"section","heading":"Appointment of agents in London","content":"#### 13 Appointment of agents in London\n\n13 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 exerciseable 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 the [Inscribed Stock Act 1902](/view/html/inforce/current/act-1902-079), 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":21},{"sectionNumber":"14","sectionType":"section","heading":"Matters to be reported to Parliament","content":"#### 14 Matters to be reported to Parliament\n\n14 Matters to be reported to Parliament\n\n> The Treasurer shall, within thirty days after the first meeting of Parliament in any year, lay before both Houses of Parliament:\n> \n> > (a) a report showing:\n> > \n> > > the particulars of every creation and inscription of stock or debentures whether created for the purpose of raising a loan or for the conversion or for renewals,\n> > \n> > > the capital amount of such stock or debentures,\n> > \n> > > the rate of interest thereon,\n> > \n> > > the currency and condition of redemption thereof,\n> > \n> > > the particulars of every redemption or payment of the capital amount of any loan, or of any portion thereof, and\n> \n> > (b) copies of all agreements, appointments, rules, and regulations effected, entered into, or made under this Act prior to the date of such meeting, and subsequent to the date of the first meeting of Parliament in the next preceding year.\n> \n> **s 14:** Am 1914 No 30, sec 4 (d).","sortOrder":22},{"sectionNumber":"Part 6","sectionType":"part","heading":"Penalties","content":"# Part 6 Penalties\n\nPart 6 Penalties\n\n**pt 6, hdg:** Ins 1999 No 31, Sch 5.50 \\[7\\].","sortOrder":23},{"sectionNumber":"15","sectionType":"section","heading":"Counterfeiting certificates to be forgery","content":"#### 15 Counterfeiting certificates to be forgery\n\n15 Counterfeiting certificates to be forgery\n\n> Whosoever forges, fabricates, or counterfeits, wholly or in part, any paper, writing, or instrument purporting to be a stock certificate under this Act; or forges, counterfeits, alters, adds to, obliterates, or wilfully mutilates or defaces any word, letter, or figure in or upon any such certificate; or fills up with any word, letter, or figure any blank space in or upon any such certificate; or makes use of, or attempts to make use of, with intent to defraud, any such forged, fabricated, counterfeited, altered, added to, obliterated, wilfully mutilated or defaced or filled up certificate as aforesaid, is guilty of an indictable offence and is liable to imprisonment for ten years.\n> \n> **s 15:** Am 1999 No 94, Sch 4.120.","sortOrder":24},{"sectionNumber":"Part 7","sectionType":"part","heading":"Savings","content":"# Part 7 Savings\n\nPart 7 Savings\n\n**pt 7, hdg:** Ins 1999 No 31, Sch 5.50 \\[8\\].","sortOrder":25},{"sectionNumber":"16","sectionType":"section","heading":"Saving clause","content":"#### 16 Saving clause\n\n16 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":26}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act remains focused on its original purpose: providing the statutory framework for NSW government borrowing through inscribed stock, debentures and Treasury Bills. While amended several times (notably in 1914 to add Treasury Bills, 1931 for renewals, and 1999 for restructuring), these changes expanded the mechanisms within the same core function rather than drifting into unrelated areas. The scope has not grown beyond public debt management."},"complexity_factors":["Only 1 defined term ('stock') in the interpretation section","Straightforward structure with 7 Parts covering distinct functional areas (issue, conversion, Treasury Bills, inscription, penalties, savings)","Minimal cross-referencing — mostly internal references to 'this Act' and one reference to the Treasury Bills Act 1902","Simple conditional logic — primarily 'may' powers rather than complex mandatory duties with exceptions","Short length — approximately 16 sections covering discrete topics without nested subsections beyond (a)-(b)-(c) level","Historical amendments noted but do not create labyrinthine text — the 1914, 1931 and 1999 amendments are cleanly integrated"],"plain_english_summary":"This law sets up the rules for how the New South Wales Government borrows money by issuing government bonds (called \"stock\" or \"debentures\"). It gives the Governor (acting on ministerial advice) the power to:\n\n- **Raise loans** by issuing \"inscribed stock\" — a type of government bond where ownership is recorded in an official register rather than on a paper certificate\n- **Convert old debts** — turn existing debentures (IOUs) into new stock, or renew bonds that are about to mature\n- **Issue Treasury Bills** — short-term IOUs to cover gaps while longer-term financing is arranged\n- **Make regulations** for managing these bonds, including transfers, interest payments, and certificates\n\n**Who it affects:**\n- **Investors** — people and institutions (including trustees) who buy NSW government bonds\n- **Financial markets** — banks and brokers handling these securities\n- **The NSW Government** — the Treasurer and Governor managing state debt\n\n**Why it matters:**\nThis is the legal machinery behind government borrowing. When NSW builds infrastructure and needs to borrow, this Act authorises the instruments used. It also protects investors by making these bonds \"Government securities\" that trustees can legally invest in, and it criminalises forgery of bond certificates. The Act dates from 1912 but has been updated to allow modern debt management practices like conversion and renewal of maturing debt."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The Act’s scope has been expanded since 1912. Early 20th‑century amendments added explicit Treasury Bills powers for interim financing and rules for renewal (ss7A–7D; Ins 1914 No 30; Ins 1931 No 1), and later amendments updated headings and the penalties regime (s15; Ins 1999 notes). Those additions broadened permissible funding mechanisms and modernised certain enforcement and procedural provisions."},"complexity_factors":["Broad delegations to the Governor to issue, convert and set terms for debt instruments (ss3,4,8,10,13)","Multiple financing mechanisms and pathways (stock, debentures, Treasury Bills, renewal, conversion) across Parts 2–5","Cross‑jurisdictional functions (issue or inscription in New South Wales or London; appointment of London agents) (ss4,13)","Interplay with other statutes (Treasury Bills Act 1902; Funded Stock Act 1892) creating external dependencies (s7C, s9)","Administrative and reporting duties (annual Treasurer’s report) adding compliance steps (s14)","Criminal penalty for forgery with a high maximum sentence (s15)","Amendment history and repeals noted in text increase interpretive burden (amendment notes for ss4–7A,7D,15)"],"plain_english_summary":"This Act lets the Governor raise and reorganise State loan debt by issuing “New South Wales Stock”, converting between debentures and stock, and using short-term Treasury Bills as interim finance. Interest and principal are charged to the Consolidated Revenue and paid from the Consolidated Revenue Fund (s11; s7B). The Governor prescribes terms, makes regulations, appoints London agents, and may effect conversions by agreement, purchase or redemption; the Act also requires annual parliamentary reporting and criminalises forged stock certificates (ss4–5,8,13,14,15)."},"summary":{"complexity_score":2,"scope_assessment":{"changed":false,"description":"Based on the available information, the Act appears to have retained its original narrow scope — governing the issue and renewal of inscribed stock by the NSW Treasurer. The only recorded amendment (1999) was purely administrative, removing non-section headings. There is no evidence the scope has expanded or contracted from its original 1912 purpose."},"complexity_factors":["Very limited substantive content is visible — the actual operative sections of the Act are not reproduced in the provided text, only metadata and status information","References to related legislation (Treasury Bills and Debentures (Signatures) Act 1920) create a minor cross-referencing requirement","Archaic terminology such as 'inscribed stock', 'Colonial Treasurer', and 'debentures' may be unfamiliar to modern readers","The Act's relationship to modern NSW government borrowing frameworks is unclear from the text alone"],"plain_english_summary":"The Inscribed Stock (Issue and Renewals) Act 1912 authorises the NSW Treasurer to issue and manage “inscribed stock” — registered government debt — and records how such IOUs are administered. It also notes a related 1920 provision allowing printed or mechanically reproduced signatures on Treasury bills and debentures.\n\nPractically this is now a historical, rarely used statute: technically still in force but largely superseded by modern borrowing laws and NSW Treasury practices, affecting mainly the Treasurer and holders of old inscribed stock."},"issue_detection":{"absurdities":[],"contradictions":[]}},"importantCases":[],"_links":{"self":"/api/acts/inscribed-stock-issue-and-renewals-act-1912","history":"/api/acts/inscribed-stock-issue-and-renewals-act-1912/history","analysis":"/api/acts/inscribed-stock-issue-and-renewals-act-1912/analysis","conflicts":"/api/acts/inscribed-stock-issue-and-renewals-act-1912/conflicts","importantCases":"/api/acts/inscribed-stock-issue-and-renewals-act-1912/important-cases","documents":"/api/acts/inscribed-stock-issue-and-renewals-act-1912/documents"}}