I, the Honourable Sam Mostyn AC, Governor‑General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.
Dated 18 September 2025
Sam Mostyn AC
Governor‑General
By Her Excellency’s Command
Dr Daniel Mulino
Assistant Treasurer Minister for Financial Services
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Schedules
5 Definitions
Part 2—Provisions relating to definitions in the Act
6 Definition of certified copy—prescribed persons
Part 3—Stock
Division 1—Creation and issue of stock
7 Power to create stock—prescribed securities
Division 2—Registries
8 Correction of stock ledgers
9 Providing the Registrar with certain assistance
10 Specimen signature
11 Inscription of stock in names of unincorporated associations
Division 3—Transfer and transmission of stock
12 Transfers of stock within a Registry
13 Section 27 of the Act does not apply to certain transactions
14 Transmission application
15 Verification of transmission—prescribed amount to dispense with certain requirements
16 Death of joint owner of stock
17 Transfer of stock to administrator of certain estates
18 Marked transfers
Part 4—Bearer securities
19 Bearer securities
20 Payment of defaced, lost, stolen or destroyed bearer security or coupon
25 Prescribed securities made out under subsection 51A(1) of the Act
Schedule 1—Repeals
Commonwealth Inscribed Stock Regulation 2015
Part 1—Preliminary
1 Name
This instrument is the Commonwealth Inscribed Stock Regulations 2025.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
The whole of this instrument 1 October 2025. 1 October 2025
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Commonwealth Inscribed Stock Act 1911.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Definitions
In this instrument:
Act means the Commonwealth Inscribed Stock Act 1911.
approved form means a form approved under section 24.
bearer security has the meaning given by section19.
owner means an owner of stock or the owners of stock in a joint account.
stock ledger means a Stock Ledger at a Registry.
Treasury Bill has the same meaning as in the Treasury Bills Act 1914.
Part 2—Provisions relating to definitions in the Act
6 Definition of certified copy—prescribed persons
For the purposes of the definition of certified copy in section 3 of the Act, this section prescribes the following persons:
(a) a person before whom affidavits can be sworn or affirmed under the Evidence Act 1995;
(b) any other person having authority to administer an oath or affirmation in a State or Territory;
(c) an Australian Diplomatic Officer or an Australian Consular Officer, as defined by the Consular Fees Act 1955.
Part 3—Stock
Division 1—Creation and issue of stock
7 Power to create stock—prescribed securities
For the purposes of subsection 4(1) of the Act, Treasury Bills are prescribed as securities that may be created.
Division 2—Registries
8 Correction of stock ledgers
(1) A person may, in writing, request the Registrar to correct a stock ledger if stock is inscribed incorrectly in the stock ledger.
(2) In determining whether the stock is inscribed correctly, the Registrar may require the person to provide additional information, including information in the form of a statutory declaration.
(3) The Registrar must correct the stock ledger if the Registrar is satisfied that the stock is inscribed incorrectly.
9 Providing the Registrar with certain assistance
If a person requests the Registrar to a perform a function or exercise a power under the Act or this instrument, for the purposes of the request, the Registrar may require the person to do one or more of the following:
(a) provide a document;
(b) give an indemnity to the satisfaction of the Registrar;
(c) verify the person’s identity to the satisfaction of the Registrar.
Note: In requiring a person do a thing under this section, the Registrar must comply with any requirements in the Registrar’s instrument of appointment or document made in connection with the appointment: see subsection 14(4) of the Act.
10 Specimen signature
(1) The Registrar may obtain a specimen signature for each owner of stock inscribed in a stock ledger.
(2) In obtaining a signature under subsection (1), the Registrar may require:
(a) a document to be signed before an officer of a Registry; or
(b) a signature to be witnessed.
11 Inscription of stock in names of unincorporated associations
For the purposes of subsection 22B(1) of the Act, the conditions that must be met for stock to be inscribed in the name of an unincorporated association are the following:
(a) the association has a name;
(b) the association has a written constitution or written rules of association;
(c) the following is given to the Registrar:
(i) a copy of the association’s constitution or rules of association;
(ii) the names and addresses of the officers who have been appointed in accordance with the association’s constitution or rules of association.
Division 3—Transfer and transmission of stock
12 Transfers of stock within a Registry
For the purposes of subsection 24(1) of the Act, the transfer of legal or equitable interests in stock from one person to another within a Registry may be made by an instrument of transfer and acceptance that is:
(a) in accordance with an approved form; and
(b) executed by both parties; and
(c) registered at the Registry.
13 Section 27 of the Act does not apply to certain transactions
(1) This section provides rules that apply instead of section 27 of the Act in relation to registering or dealing with certain transactions relating to stock.
(2) Section 27 of the Act does not apply in relation to the following transactions:
(a) a transaction relating to stock that is not a Treasury Note;
(b) a transaction relating to a Treasury Note that has been issued on terms and conditions that do not include a term or condition that the owner of the stock is entitled to payment of interest at a specified rate or rates.
(3) Instead, a transaction relating to stock (other than a Treasury Note) must not be registered or dealt with within 7 days before the date of maturity of the stock.
Note 1: Transactions relating to stock covered by paragraph (2)(a) may be registered or dealt with regardless of when interest is due.
Note 2: Transactions relating to Treasury Notes covered by paragraph (2)(b) may be registered or dealt with at any time.
14 Transmission application
For the purposes of section 28 of the Act, an application for a person to be inscribed as the owner of stock must be:
(a) in accordance with an approved form; and
(b) accompanied by evidence of the transmission of the stock; and
(c) given to the Registrar.
Note: The application is also required to be verified by statutory declaration (unless the Treasurer otherwise allows) under subsection 29(1) of the Act. In the case of transmission due to death or bankruptcy, subsection 29(1) of the Act may also require documents to be given to the Registrar.
15 Verification of transmission—prescribed amount to dispense with certain requirements
For the purposes of subsection 29(2) of the Act, the prescribed amount of stock is $25,000.
16 Death of joint owner of stock
If one of the joint owners of stock dies, the stock must be registered in the name of the survivor or survivors upon production to the Registrar of:
(a) probate of the will of the owner; or
(b) letters of administration of the estate of the owner; or
(c) the certificate of death of the owner.
17 Transfer of stock to administrator of certain estates
The Treasurer may authorise the transfer of stock to an officer charged with the duty of administering the estates of missing persons or persons under disability (other than in cases of bankruptcy or insolvency) if:
(a) the Treasurer is satisfied that the stock is inscribed in the name of a person whose property is required by law to be administered by such an officer; and
(b) the officer gives an indemnity to the satisfaction of the Treasurer.
18 Marked transfers
(1) The Registrar may mark a transfer of stock that has been properly executed by the transferor with words to the effect that stock is held against the transfer for a period specified in the marking.
(2) The Registrar may refuse to deal with the stock during that period other than to give effect to the marked transfer.
Part 4—Bearer securities
19 Bearer securities
For the purposes of this instrument, a bearer security is a Treasury Bond, debenture or other prescribed security that was made out under subsection 51A(1) of the Act at any time before the commencement of subsection 51A(3) of the Act.
Note: Subsection 51A(3) of the Act commenced on 2 July 1984.
20 Payment of defaced, lost, stolen or destroyed bearer security or coupon
(1) An owner of a bearer security or coupon issued in connection with a bearer security may apply to the Treasurer to have the security or coupon paid off if the security or coupon has been defaced, lost, stolen or destroyed.
(2) The Treasurer may authorise payment of the security or coupon and any unpaid interest on the security or coupon to the owner if:
(a) the Treasurer is satisfied that the security or coupon has been defaced, lost, stolen or destroyed before it was paid off; and
(b) the owner gives an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the bearer security or coupon or any interest on the security or coupon.
21 Destruction of bearer security or coupon
(1) A bearer security, or a coupon issued in connection with a bearer security, that has been cancelled must be destroyed in the presence of the Treasurer.
(2) The Treasurer must certify, in writing, that the bearer security or coupon has been destroyed in his or her presence.
Part 5—Application of the Treasury Bills Act 1914
22 Application of the Treasury Bills Act 1914
Despite section 51C of the Act, a provision of the Treasury Bills Act 1914 mentioned in an item in the following table does not apply to stock mentioned in that item.
Application of the Treasury Bills Act 1914
Item Provision that does not apply Stock
1 paragraphs 4(c), (e) and (f) Treasury Bonds, Debentures, Special Bonds and Australian Savings Bonds.
2 paragraphs 4(c) and (e) Treasury Bills.
3 sections 4 and 8 Treasury Notes.
4 sections 9, 10 and 12 Treasury Bonds, Debentures and other prescribed securities.
Note: See sections 20 and 21 of this instrument for rules dealing with defaced, lost, stolen or destroyed bearer securities.
Part 6—Miscellaneous
23 Delegation of Treasurer’s powers
(1) The Treasurer may, in writing, delegate any or all of the powers or functions of the Treasurer under this instrument to:
(a) an SES employee in the Department; or
(b) 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:
(i) an SES employee in the Department; or
(ii) an APS employee in the Department classified as an Executive Level 2.
(2) In exercising powers or performing functions under a delegation, the delegate must comply with any directions of the Treasurer.
24 Approved forms
The Treasurer may, in writing, approve one or more forms for the purposes of a provision of this instrument that provides for something to be done in an approved form.
Part 7—Transitional provisions
25 Prescribed securities made out under subsection 51A(1) of the Act
Despite the repeal of regulations 43, 46, 46A and 48 of the Commonwealth Inscribed Stock Regulations by the Commonwealth Inscribed Stock Regulation 2015, securities issued in accordance with those regulations may continue to be dealt with as prescribed securities made out under subsection 51A(1) of the Act.