66Replacement of defaced bearer securities

66 Replacement of defaced bearer securities

(1) Sections 9 and 10 of the Treasury Bills Act 1914 do not apply to bearer securities or to coupons issued in connexion with bearer securities.

(2) Subject to subregulation (5), where a bearer security has been defaced before it is paid off, the Treasurer shall, upon the owner surrendering the defaced bearer security, authorize the issue to the owner of a bearer security on the same terms and conditions as those on which the defaced bearer security was issued.

(3) A bearer security issued under subregulation (2) shall have attached to it interest coupons equivalent to the interest coupons that were attached to the surrendered bearer security at the time of surrender.

(4) Subject to subregulation (5), where an interest coupon that has been detached from a bearer security has been defaced before it is paid, the Treasurer shall, upon the owner surrendering the defaced coupon, issue to the owner a coupon equivalent to the coupon that has been defaced.

(5) A defaced bearer security or interest coupon shall not be replaced unless the number of the bearer security or interest coupon, as the case may be, is legible.

66AA Replacement of lost, stolen or destroyed bearer securities

(1) Subject to subregulation (5), where a bearer security is lost, stolen or destroyed before it has been paid off, the owner may apply, or (if the owner is a minor) a parent or guardian of the owner may apply on behalf of the owner, to the Treasurer for the issue, in lieu thereof, of a replacement security on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the lost, stolen or destroyed bearer security was issued.

(2) If the Treasurer is satisfied:

(a) that the bearer security has been lost, stolen or destroyed; and

(b) that the applicant or the minor on whose behalf the application was made (as the case requires) was, at the time of the loss, theft or destruction, the owner of the bearer security;

the Treasurer may, upon the applicant giving an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the lost, stolen or destroyed bearer security or of any interest thereon, authorize the issue to the owner, upon such conditions, if any, as the Treasurer determines, of a replacement security in accordance with the application.

(3) A replacement security issued under subregulation (2) shall be in the form of subscribed stock and shall be held in the charge of the Registrar.

(4) An amount payable on the redemption of a security issued under subregulation (2) shall not be payable until a date fixed by the Treasurer, having regard to:

(a) the circumstances in which the original bearer security was lost, stolen or destroyed, as the case may be; and