32Payment of interest

32 Payment of interest

(1) Subject to this regulation, interest on stock shall be paid by post:

(a) where a request is made in accordance with subregulation (5) — to the person or persons specified in that request;

(ab) where an instruction is given under paragraph 24B (1) (b) — to the person or persons specified in that instruction; or

(b) where no such request is made or instruction is given — to the owner or, in the case of a joint account, to the owner whose name is inscribed first in the stock ledger.

(2) Where the terms and conditions on which stock is issued and sold allow, and upon a request being made in accordance with subregulation (5), interest may be paid into a bank account, including a savings bank account, or into an account with another financial institution approved by the Treasurer.

(3) Without limiting the means by which interest may be paid into an account in accordance with subregulation (2), interest shall be taken to be paid into an account under that subregulation if:

(a) the interest is paid to a person authorized to receive payment by the bank or other financial institution with which the account is maintained together with a direction for payment by that person to the bank or other financial institution for crediting to that account; and

(b) that person gives effect to the direction accordingly.

(4) If the Registrar receives a request referred to in subregulation (1) or (2) less than 7 clear days before the day on which the next interest is due for payment, the Registrar need not comply with the request until after the interest is paid.

(5) A request referred to in subregulation (1) or (2) shall be made in writing and signed by the owner of the stock or, in the case of a joint account, subject to any instructions given under subregulation 24B, by all the owners or by the owner whose name is inscribed first in the stock ledger.