Borrowing and Investment Powers (Inscribed Stock) Regulations 2018
S.R. No. 69/2018
Version as at
1 June 2018
TABLE OF PROVISIONS
Regulation Page
Part 1—Preliminary 1
1 Objectives 1
2 Authorising provision 1
3 Application 1
4 Commencement 1
5 Revocation 2
6 Definitions 2
Part 2—Establishment of registry and appointment of registrar 3
7 Establishment of registry and hours of business 3
8 Appointment of registrar 3
Part 3—Stock 4
Division 1—Establishment of the stock register and the issue and inscription of stock 4
9 The stock register 4
10 Entries in the stock register 4
11 Co-ownership of stock 5
12 Inspection of stock register 5
13 Application to subscribe for or purchase stock 5
14 Trusts 5
15 Unincorporated bodies 6
16 Firms or partnerships 7
17 Certificates of inscription 7
18 Specimen signature 7
19 Change of name and address 7
20 Amendment of the stock register 7
Division 2—Transfer and transmission of stock 8
21 Transfer of stock 8
22 Transmission of stock 8
23 Registration of transmission of stock 9
24 Marked transfers 9
Division 3—Payment of interest and repayment of principal 10
25 Payment of interest and repayment of principal on stock 10
Division 4—Other matters 10
26 Transactions before payment of interest or principal 10
27 Minors 11
Part 4—General 12
28 Safe custody of documents 12
29 Verification of signatures 12
30 Other precautions to be taken by registrar 12
31 Person unable to sign 13
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Endnotes 14
1 General information 14
2 Table of Amendments 16
3 Amendments Not in Operation 17
4 Explanatory details 18
Version No.001
Borrowing and Investment Powers (Inscribed Stock) Regulations 2018
S.R. No. 69/2018
Version as at
1 June 2018
Part 1—Preliminary
1 Objectives
The objectives of these Regulations are—
(a) to provide for the issue of stock; and
(b) to set out the rights attached to stock; and
(c) to provide for the appointment of a registrar and the keeping of registers in Australia for stock; and
(d) to provide for the transfer and transmission of stock issued in Australia by the Treasury Corporation of Victoria under the Act.
2 Authorising provision
These Regulations are made under section 18 of the Borrowing and Investment Powers Act1987.
3 Application
These Regulations apply to stock issued in Australia by the Treasury Corporation of Victoria under Part 2 of the Act.
4 Commencement
These Regulations come into operation on
1 June 2018.
5 Revocation
The Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 2017[1] are revoked.
6 Definitions
In these Regulations—
certificate of inscription includes a letter of allotment;
computer means any electronic device for storing or processing information;
owner includes a joint owner;
registrar means the person appointed under regulation 8;
registry means the registry established under regulation 7;
stock means inscribed stock;
stock register means the register of stock kept under regulation 9;
the Act means the Borrowing and Investment Powers Act 1987;
Treasury Corporation of Victoria means the Treasury Corporation of Victoria established under section 5 of the Treasury Corporation of Victoria Act 1992.
Part 2—Establishment of registry and appointment of registrar
7 Establishment of registry and hours of business
(1) The Treasury Corporation of Victoria must—
(a) establish a registry; and
(b) maintain the stock register at the registry in accordance with these Regulations.
(2) The registry must be open for business on each day that is a business day for the Treasury Corporation of Victoria between 9 a.m. and 4 p.m.
8 Appointment of registrar
The Treasury Corporation of Victoria must appoint a registrar of the registry.
Part 3—Stock
Division 1—Establishment of the stock register and the issue and inscription of stock
9 The stock register
The Treasury Corporation of Victoria must establish and maintain a register of stock at the registry.
10 Entries in the stock register
(1) The registrar must ensure that the following details are entered into the stock register in relation to all stock issued by the Treasury Corporation of Victoria—
(a) the name of each owner of the stock;
(b) the address to which certificates, receipts, other documents and money relating to the stock are to be forwarded.
(2) The registrar may keep the stock register in book form, in the form of a paper or card record or by computer.
(3) If the registrar keeps the stock register by computer—
(a) the recording or storing of any information in the computer is to be taken to be the entry of that information in the stock register; and
(b) any material subsequently derived from information recorded or stored in that way is to be taken to be an extract from the stock register.
11 Co-ownership of stock
In the case of joint purchasers of stock, the names of not more than 4 of those purchasers may be inscribed as the joint owners.
12 Inspection of stock register
(1) At any time the registry is open an owner of stock may inspect the owner's account of stock in the stock register upon written request to the registrar.
(2) An owner may obtain from the registry copies or extracts of the owner's account of stock certified by the registrar to be true copies of or extracts from the stock register.
13 Application to subscribe for or purchase stock
(1) An application to subscribe for or purchase stock must be made in writing.
(2) In the case of an application by a joint account, the application must contain the names of the proposed owners in the order in which they are to appear in the stock register.
(3) Upon receipt and acceptance of the application and receipt of the purchase money, the registrar must—
(a) inscribe in the stock register the name of each owner of the stock and the address to which certificates, receipts, other documents and money relating to the stock are to be forwarded; and
(b) issue a certificate of inscription.
14 Trusts
(1) Stock may be inscribed in the name of a trustee in the capacity as trustee of a specified trust or trustee without specifying a trust.
(2) Whether or not stock, or any part of that stock, is inscribed in the name of a trustee, the registrar—
(a) is not affected by notice of any trust; and
(b) is not required to make any inquiries concerning—
(i) any trust; or
(ii) the propriety of anything done in relation to stock or any part of that stock that is inscribed in the name of a trustee.
(3) The registrar must only deal with the person inscribed as owner of the stock and must not take notice of any trust or other beneficial interest that may be claimed by any other person.
15 Unincorporated bodies
(1) Stock may be inscribed in the name of an unincorporated body that—
(a) has a name; and
(b) has a written constitution or rules of association.
(2) Before stock is inscribed in the name of an unincorporated body, the body must give the registrar—
(a) a copy of the body's constitution or rules of association; and
(b) the names and addresses of its officers who have been appointed in accordance with the constitution or rules of association; and
(c) the specimen signatures of those officers.
(3) The body must notify the registrar of any change in the matters referred to in subregulation (2) as soon as possible following the change.
16 Firms or partnerships
Stock must not be inscribed in the name of a firm or a partnership but may be inscribed in the names of individual partners.
17 Certificates of inscription
(1) If a certificate of inscription is stolen, lost, destroyed or defaced, the registrar may issue a replacement certificate of inscription on receipt of a written request from the owner.
(2) The owner of the inscribed stock may dispose of the stock without the certificate of inscription.
18 Specimen signature
A natural person whose name is inscribed, or is proposed to be inscribed, in relation to stock must lodge at the registry a specimen of the person's signature.
19 Change of name and address
If the name or address of an owner of stock changes, the registrar must alter the name or address in the stock register on lodgement by the owner of notice and satisfactory evidence of the change.
20 Amendment of the stock register
If the registrar is satisfied that stock has been incorrectly inscribed in the stock register as the result of a mistake in any document, the registrar must amend the stock register to correct the inscription.
Division 2—Transfer and transmission of stock
21 Transfer of stock
(1) Stock that is inscribed in the stock register may be transferred if the transferor and transferee of the stock lodge at the registry an instrument of transfer and acceptance signed by the transferor and transferee.
(2) On receipt of an instrument of transfer and acceptance in accordance with subregulation (1), the registrar must register the instrument by taking the following actions—
(a) cancelling the inscription of the stock in the stock register in the name of the transferor;
(b) inscribing the stock in the stock register in the name of the transferee;
(c) issuing to the transferee a certificate of inscription.
(3) A person is not entitled to transfer stock worth less than $100 unless that stock is the remaining balance standing to that person's credit in the stock register.
22 Transmission of stock
(1) A person to whom any stock is to be transmitted because of the death or bankruptcy, insolvency or liquidation of the owner of that stock or by any lawful means (other than by a transfer under this Division) may apply in writing to the registrar to be inscribed as the owner of the stock.
(2) A witness must attest the signature of the applicant.
(3) An application for transmission must be accompanied by—
(a) in the case of a transmission because of death—
(i) the probate of the will or the letters of administration or other instrument authorising the applicant to administer the estate of the owner; or
(ii) in the case of a transmission to a survivor of a joint owner, a certificate of death relating to the owner; or
(b) in the case of a transmission because of bankruptcy or insolvency, an office copy of the adjudication or order of sequestration; or
(c) in the case of a transmission because of liquidation, an office copy of the winding up order.
23 Registration of transmission of stock
(1) The registrar must register a transmission of stock under regulation 22 by taking the following actions—
(a) entering a record of the transmission in the stock register;
(b) inscribing the name of the person to whom the stock has been transmitted in the stock register as the owner of the stock.
(2) After registering a transmission of stock, the registrar must issue a certificate of inscription to the new owner.
24 Marked transfers
(1) If registration of stock is pending, the registrar may mark a transfer of that stock with words to the effect that the stock is held against the transfer for the period specified in the marking.
(2) If a transfer is marked under subregulation (1), the registrar may refuse to give effect to any dealing in the stock during the period specified in the marking except in accordance with the marked transfer.
Division 3—Payment of interest and repayment of principal
25 Payment of interest and repayment of principal on stock
(1) Subject to subregulation (2), payment of interest on stock and repayment of the principal sum must be made by a credit to an account in the name of the owner at a bank or other financial institution unless otherwise requested by the owner.
(2) If the registrar is requested by the owner in writing or, in the case of a joint holding, by all the holders in writing—
(a) cheques may be made payable and transmitted by post to the person specified in the request; or
(b) money may be credited to an account at a bank or other financial institution.
Division 4—Other matters
26 Transactions before payment of interest or principal
A transaction relating to stock must not be registered or dealt with—
(a) within 14 days immediately before the day on which interest is due; or
(b) within one month before the date of maturity of the stock.
27 Minors
(1) Stock may not be allotted or transferred to a minor unless the minor's parent or guardian has given prior written consent to the allotment or transfer.
(2) Payments on stock inscribed in the name of a minor jointly with the names of persons who are not minors may be made—
(a) as directed by those persons who are not minors; and
(b) without the concurrence of the minor upon sufficient proof of the minority being lodged with the registrar.
(3) Payments on stock inscribed only in the name of a minor otherwise than in a joint account may be made to a parent or guardian of the minor and the receipt of the parent or guardian is a valid discharge.
(4) In this regulation—
minor means a person who is under the age of 14 years.
Part 4—General
28 Safe custody of documents
The registrar must take reasonable steps to secure the safe custody of all documents in the registrar's charge relating to stock.
29 Verification of signatures
The registrar may, for the purposes of these Regulations, require—
(a) a document to be signed before the registrar or before any person that the registrar nominates; and
(b) the signatory to satisfy the registrar or the person nominated of the identity of the signatory.
30 Other precautions to be taken by registrar
(1) The registrar must cause a notice of dealing to be forwarded to a party to a transaction under the Act or these Regulations if the registrar is not satisfied as to the genuineness of the transaction—
(a) because the party to the transaction is not personally known to the registrar; or
(b) because the registrar is doubtful as to the genuineness of a signature; or
(c) for any other reason.
(2) If a notice of dealing is forwarded to a party, the registrar must not register the transaction until satisfied that the matter is in order.
31 Person unable to sign
If a person is unable to sign a document that is required to be signed for the purposes of these Regulations, a witness must attest the person's mark on the document.
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Endnotes
1 General information
See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
The Borrowing and Investment Powers (Inscribed Stock) Regulations 2018, S.R. No. 69/2018 were made on 29 May 2018 by the Lieutenant-Governor as the Governor's deputy, with the advice of the Executive Council, under section 18 of the Borrowing and Investment Powers Act 1987, No. 13/1987 and came into operation on 1 June 2018: regulation 4.
The Borrowing and Investment Powers (Inscribed Stock) Regulations 2018 will sunset 10 years after the day of making on 29 May 2028 (see section 5 of the Subordinate Legislation Act 1994).
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.
See section 36(1A)(2A)(2B).
• Examples, diagrams or notes
All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).
• Punctuation
All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).
• Provision numbers
All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).
2 Table of Amendments
There are no amendments made to the Borrowing and Investment Powers (Inscribed Stock) Regulations 2018 by statutory rules, subordinate instruments and Acts.
3 Amendments Not in Operation
There are no amendments which were Not in Operation at the date of this publication.