42Exchange of bearer securities for stock in name of infants etc

42 Exchange of bearer securities for stock in name of infants etc

(1) Subject to subregulation (1A), where stock is inscribed in the name of:

(a) an infant; or

(b) a person under legal disability by reason of the state of his or her mind (in this regulation referred to as a relevant person);

jointly with other persons not under legal disability, bearer securities shall not be issued in exchange for the stock except in pursuance of an order of:

(c) a Justice of the High Court; or

(d) a Judge of the Supreme Court of a State or Territory.

(1A) Where a person is authorised under a law of a State or Territory to administer the estate of a relevant person, bearer securities may be issued in exchange for stock inscribed in the name of the relevant person jointly with other persons not under legal disability upon receipt of an application in accordance with Form 26 signed:

(a) by the first-mentioned person on behalf of the relevant person; and

(b) by the persons not under legal disability.

(2) Where an order has been made by a Justice of the High Court or a Judge of the Supreme Court of a State or Territory in relation to stock which is inscribed in the name of a relevant person jointly with other persons not under any legal disability, it shall not be necessary for an application in accordance with Form 26 for the issue of bearer securities in exchange for that stock to be signed by or on behalf of the relevant person.

Part III Provisions relating to bearer securities