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Commonwealth legislation
This Act has been repealed and is no longer in force. It is retained for historical reference.
These regulations set the administrative rulebook for how the Australian Government issues and manages Commonwealth Government Inscribed Stock and Treasury Bonds sold to the public. They govern recordkeeping (registry offices and a Stock Ledger), purchasing, interest payments, transfers, inheritance and special ownership cases, and the option to exchange inscribed stock and physical bonds.
They matter to investors, estates, companies and administrators because they ensure accurate ownership records, secure transfers and reliable payment of interest.
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Direct links to the current provisions in Commonwealth Inscribed Stock Regulations.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
STATUTORY RULES.
REGULATIONS UNDER THE COMMONWEALTH INSCRIBED STOCK ACT 1911-1918.
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Commonwealth Inscribed Stock Act 1911-1918, to come into operation on the first day of October, One thousand nine hundred and twenty-five.
Dated this twenty-fifth day of November, 1925.
STONEHAVEN,
Governor-General.
By His Excellency’s Command,
Ll. ATKINSON,
for Treasurer.
Regulations Relating to Commonwealth Government Inscribed Stock.
Short Title.
Commencement of Regulations.
Repeal.
Interpretation.
“Registry” means a Registry for the inscription of stock.
“Registrar” means a Registrar of Stock or a Deputy Registrar of Stock.
“Stock” means Commonwealth Government Inscribed Stock.
“Bond” means a Treasury Bond issuable under the Commonwealth Inscribed Stock Act 1911-1918.
“Owner” means an owner of stock, or owners of stock in a joint account.
Registries.
C.14499.—Price 1s.
Forms.
Where in these Regulations any reference is made to a form, the reference shall be to the appropriate form in the Appendices. Forms to the like effect may be used on the approval of the Secretary to the Treasury.
Forms of application and similar forms may be obtained at any Registry by personal, or will be sent on written, application to the Registrar.
A stock of all forms shall be kept by each Registrar, who shall apply for them, in accordance with Form 1, to the Registrar at Melbourne.
Applications for Stock.
(a) An application to purchase stock, excepting where made on a form accompanying a prospectus calling for subscriptions by public tender, shall be in accordance with Form 2.
(b) The application shall be accompanied by the purchase-money, together with any premium and accrued interest to the date of purchase. In the case of a joint account the application shall set forth the names in the order in which they are to appear in the Stock Ledger.
(c) Upon receipt of the application and purchase money a receipt in accordance with Form 3 shall be issued by the Registrar.
(d) A return, in accordance with Form 4, of stock sold shall be forwarded daily to the Secretary to the Treasury.
Inscription of Stock.
(2) The Registrar or other duly authorized official shall initial all entries in the Stock Ledger as evidence of their correctness.
Except with the approval of the Treasurer stock shall be inscribed or remain inscribed only in sums of One hundred pounds or in sums which are multiples of Ten pounds where the amount inscribed is in excess of One hundred pounds.
In cases where a Scrip Certificate to Bearer has been issued in connexion with any loan raised by the Commonwealth by public tender, the holder of such Scrip Certificate may, upon application to a Registrar, have the principal sum inscribed in the Stock Ledger in such name or names as he directs, provided all instalments payable under such Scrip Certificate have been duly paid.
Stock may be inscribed in the name of one or more persons not exceeding four, and the full name, address, and description of each must be given.
(a) Stock may be inscribed in the name of a minor solely, and a minor may transfer such stock, provided that if the minor has not attained or appears to the Registrar to have not attained the age of fourteen years,
such stock shall not be transferred nor Treasury bonds issued in exchange without the consent of the minor’s guardian. Bonds issued in exchange may be delivered by the Registrar to such guardian, whose receipt shall be a valid discharge.
Trusts shall not be recognized. Executors, administrators and trustees shall not be registered as such, but in their individual names without reference to any trusteeship. Stock may, however, be inscribed in the names of banks in whose favour orders have been given for the delivery of bonds, on application being made on Form 27.
(1) Stock may be inscribed in the name of a registered company or other corporation, but the Registrar must first be furnished with a copy of the Certificate of Incorporation or special Act of Parliament under which such corporation is established, together with a certified specimen of the seal of the corporation, and a duly authenticated copy of any regulations governing the mode of affixing the seal.
(2) Transactions in respect of stock in the name of a corporation may be effected if the prescribed form or a general power of attorney authorizing some person to act for the corporation has been sealed in the proper manner.
(2) A copy of the certificate of registration of her marriage under the hand of the proper State officer shall accompany the request, together with such particulars as the Registrar deems necessary.
(3) Notification of the alteration shall be made in accordance with Form 7.
In the event of stock being inscribed incorrectly owing to a mistake in a request for inscription or transfer, the account may be amended by a letter or declaration as the case requires, stating how the error arose, and, in the event of an alteration of any name or names, a request from the transferor in the original transfer shall be required by the Registrar.
(1) The Registrar shall take such steps as are necessary to immediately secure, either by post or personally, specimen signatures of all stock owners.
(2) As far as practicable the signing of documents by owners of stock shall take place in the Registry, otherwise the Registrar must be satisfied as to the genuineness of signatures before allowing registration to be made. The genuineness of signatures may be tested by comparison with signatures on application or other forms. Specimen signatures obtained by post must be witnessed by a credible person, and their genuineness tested as provided in this regulation.
An owner or part owner of stock shall be at liberty at all reasonable times to inspect his account of stock in the Stock Ledger, upon application in accordance with Form 8.
In order to record the total amount of stock inscribed in the Stock Ledger in the Registry, the Registrar shall keep a Sales and Transfer Book in accordance with Form 9, in which shall be entered the amount of all sales to original purchasers (whether by public tender or otherwise), the amount of all transfers and transmissions to other persons, the amount of all exchanges of stock for bonds, or vice versa, and the amount of all transfers from or to another Registry. Transactions in bonds as provided for in regulation 61 shall also be recorded in the Sales and Transfer Book.
All entries made in the Sales and Transfer Book shall be numbered consecutively, beginning on 1st July in each year, corresponding numbers being placed on the forms from which the entry is made. The forms from which entries are made shall be carefully preserved.
Stock Certificates.
Transfers and Transmissions.
(2) The transfer and acceptance shall be in accordance with Form 12, and shall be fully signed, and, in the case of a corporation, properly sealed, by both the transferor and the transferee, each of whom shall be notified, in accordance with Forms 13 and 14, of the completion of the transaction.
(3) In the case of a joint account, it shall be sufficient if the first inscribed owner is so notified.
(2) When any stock is transferred from one Registry to another Registry, the Registrar of the Registry from which the stock is transferred shall forward to the Registrar of the Registry to which the stock is transferred advice, in accordance with Form 16, of the transfer of the stock, together with specimen signatures of the owner or owners, and shall forward to the owner a notification, in accordance with Form 17, that steps have been taken to make the transfer.
(3) The Registrar forwarding the advice shall see that its receipt is promptly acknowledged, and shall make a note of its receipt in the “Remarks” column of the Stock Ledger.
(2) Applications for the transmission of stock shall be made in accordance with Form 18.
(3) Upon the transmission having been duly made, the Registrar shall forward to the person making the request for transmission a notice to that effect in accordance with Form 19.
On the decease of an owner in a sole account, his death shall be registered on production to the Registrar of probate of will or letters of administration, and, if required by the Registrar, a declaration by some disinterested person, approved by the Registrar, as to the identity of the deceased as the owner.
On the decease of one of the owners in a joint account, the death may be proved by production of probate of will, letters of administration, or certificate of death, and, if required by the Registrar, by a declaration by some disinterested person approved by the Registrar as to the identity of the deceased as the owner.
On completion of the proof of death in a joint account the stock and dividends thereon will be registered in the name of the survivor or survivors.
On the decease of the last survivor in a joint account the death must be proved, as in the case of an owner on sole account, and steps taken to inscribe the stock in the individual name of the executor or administrator of the last survivor. If, however, the stock can be transferred immediately to a beneficiary, or some other person entitled thereto, upon the decease of the last survivor, such transfer may be made direct upon the authority of the executor or administrator, the transaction being carried out in accordance with Forms 12, 13 and 14.
All probates, letters of administration and copies of adjudications or orders of sequestration or vesting orders must be exhibited at the Registry for scrutiny at least two clear days before the stock affected by them can be dealt with, and after being entered in the Register kept in accordance with Form 50 shall be forwarded to the Commonwealth Audit Officer in the State concerned for notation before they are returned to the persons by whom they were produced.
33. The Registrar shall require the signatures of persons who claim transmission of stock by virtue of their appointment as executors, administrators, or trustees, to be verified to his satisfaction. This should be done by a disinterested person, approved by the Registrar.
Registration will not be made of any applications for transfer received within fourteen days prior to the date on which interest is due, or during one calendar month immediately preceding the date of maturity of stock.
Except with the approval of the Treasurer transfers of stock shall only be made for an amount of £100, or a multiple of £10 where the amount to be transferred exceeds £100.
Payment of Interest.
The balance for the payment of interest on stock shall be struck fourteen days before interest becomes due.
(1) Interest shall be paid by interest warrant in accordance with Form 20.
(2) Unless otherwise requested, warrants shall be transmitted by post to the owner, or the owner whose name in a joint account is first inscribed in the Stock Ledger.
(3) Upon a request in accordance with Form 21 to the Registrar, the interest may be paid into any banking account, including a Savings Bank account. When any such request reaches the Registrar less than fourteen clear days before the next interest is due the Registrar cannot undertake to act thereon until after payment of that interest.
If a request in accordance with Form 22 is made by the owner, or, in the case of a joint account, by all the owners or by the owner whose name is first inscribed, interest warrants may be drawn payable to and transmitted by post, by the Registrar to any person, a specimen of whose signature shall be supplied to the Registrar.
All interest warrants will be drawn to order, and must be signed by the payee before payment.
40. In the absence of any notification to the contrary, it will be taken for granted that interest warrants sent by post have duly reached their destinations. When they are not received on the correct day, notice should be sent to the Registrar without delay.
Unless withdrawn by written request, instructions to transmit warrants by post, or to pay to credit of account in a bank, will remain in force, although the stock may have been added to, or a part sold.
(1) Any change of address of the person to whom the warrants are sent should be notified at once to the Registrar.
(2) When any such notification reaches the Registrar less than fourteen clear days before the next interest is due, the Registrar cannot undertake to record it until after the payment of the next interest.
Interest on stock inscribed in the name of an infant, or in the name of a person of unsound mind, jointly with others not under legal disability, may be paid as directed by the owners, other than those under a disability, in such account, and without the concurrence of the infant or person of unsound mind, upon sufficient proof of legal disability being lodged with the Registrar.
Interest on stock inscribed in the name of a minor solely shall be paid as directed by him, provided that if the minor has not attained or appears to the Registrar to have not attained the age of 14 years, interest may be paid at the discretion of the Registrar to the minor’s guardian, whose
This is an opening excerpt, not the complete document.