Friendly Society means:

(a)

a body that is a friendly society for the purposes of the Life Insurance Act 1995; or

(b)

a body that is registered or incorporated as a friendly society under a law of a State or Territory; or

(c)

a body that is permitted, by a law of a State or Territory, to assume or use the expression friendly society; or

(d)

a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999, was registered or incorporated as a friendly society under a law of a State or Territory.

(1)

Notwithstanding anything contained in this Act, stock may, subject to this section, be inscribed in the name of an unincorporated association that complies with such conditions as are prescribed.

(2)

An application for stock made by an unincorporated association shall be in such form and contain such particulars as are prescribed, and any documents prescribed by or under this Act and relating to that stock shall be signed by 2 or more persons appointed by that association to sign such documents.

(3)

A certificate, receipt or other document relating to stock inscribed in the name of an unincorporated association shall be issued only to a person authorized by the association to receive the document concerned.

(4)

A transaction under this Act shall not be effected in relation to stock inscribed under this section unless the transaction is authorized by the persons appointed by the unincorporated association in accordance with subsection (2) and the Commonwealth is not under any legal liability in respect of any such transaction that is so authorized.

Stock may in the manner prescribed be transferred from one Registry to another Registry.

(1)

The regulations may make provision for or in relation to the transfer of legal or equitable interests in stock from one person to another person.

(1A)

The provision that may be made by the regulations under subsection (1) may include either or both of the following:

(a)

a provision for transfer of interests by electronic means;

(b)

a provision applying a provision of the Corporations Act 2001 with or without modifications.

(2)

In this section, person includes:

(a)

a Friendly Society or a branch of a Friendly Society;

(b)

a Trade Union or a branch of a Trade Union; or

(c)

an unincorporated association.

(1)

The legal interest, and any equitable interests, in any stock may be transferred from one person to another:

(a)

in accordance with regulations made for the purposes of subsection 24(1); or

(b)

subject to subsection (2), if the stock is inscribed in a Stock Ledger at a Registry where the Registrar is the operator of a clearing and settlement facility—in any way permitted by the operating rules of the facility (which may, if the operating rules so provide, be a way authorised by the Corporations Act 2001).

(2)

The Treasurer may, by written notice given to the operator of a clearing and settlement facility, declare that particular operating rules of the facility are not to apply in respect of the transfer of legal or equitable interests in stock.

The regulations may require a Registrar that is the operator of a clearing and settlement facility or is an incorporated company or other body corporate:

(a)

to keep a record (which may be a record kept by electronic means) of the ownership of any equitable interests in the stock; and

(b)

to comply with any provision made by the regulations in relation to the keeping of such a record.

(1)

The regulations may make provision for or in relation to the inscription in a Stock Ledger of the name of the transferee of a legal interest in the stock as the owner of the stock.

(2)

The provision that may be made by regulations for the purposes of subsection (1) in relation to the legal interest in stock inscribed in a Stock Ledger that is kept in an electronic form must be provision for the inscription of the legal interest in an electronic form.

Except where the regulations otherwise provide or the Treasurer approves, a transaction relating to stock shall not be registered or dealt with within 14 days prior to the date upon which interest is due or within 1 month prior to the date of maturity of the stock.

A person to whom the legal interest in stock is transmitted may apply to a Registrar to be inscribed as the owner of the stock in accordance with the regulations.

(1)

Every transmission application shall be verified by statutory declaration or in such other manner as the Treasurer allows, and

(a)

in the case of a transmission consequent on death, the probate of the will, letters of administration or other instrument authorizing a person to administer the estate of a deceased person shall be produced to the Registrar; and

(b)

in the case of a transmission consequent on bankruptcy, an office copy of the adjudication or order of sequestration shall be delivered to the Registrar.

(2)

Where an amount of stock not exceeding the prescribed amount is inscribed in the name of a person who has died, the Treasurer may dispense with the requirement of paragraph (1)(a), and may authorize the transmission of the stock to such person as he or she thinks fit.

(3)

No person shall have any claim against the Commonwealth in respect of any transmission in pursuance of subsection (2), but nothing in this section shall relieve the person to whom the stock is transmitted from any liability to account for or deal with the stock in accordance with law.

If the Registrar at a Registry where particular stock is inscribed is satisfied that the provisions of this Act relating to the transmission of the legal interest in that stock have been complied with, the Registrar must register the transmission by entering particulars of it in the relevant Stock Ledger and inscribe the name of the person to whom the legal interest has been transmitted in the Stock Ledger as the owner of the stock.

If an order relating to the legal interest in any stock, or having the effect of vesting the legal interest in any stock in a person, made by the Supreme Court of a State or Territory or a Judge of such a Court is served on the Registrar at the Registry where the stock is inscribed, the Registrar must make any entries in the relevant Stock Ledger that are necessary for the purpose of carrying the order into effect.

(1)

In any proceeding, a certified copy of:

(a)

an entry in a Stock Ledger; or

(b)

an extract from an entry in a Stock Ledger; or

(c)

a document in the custody of a Registrar that relates to stock;

is admissible in evidence.

(2)

A document purporting to be a certified copy referred to in subsection (1) is to be taken, unless the contrary is established, to be such a certified copy and to have been duly given.

Any person who, with intent to defraud, falsely personates any person entitled to the legal interest in any stock or to any money payable in respect of any stock, shall be guilty of an indictable offence.

Penalty: Imprisonment for 10 years.

Any person who fraudulently:

(a)

makes any false entry in any book, record, or document relating to stock, or

(b)

omits to make any entry in any book, record, or document relating to stock, or

(c)

by act or omission falsifies any book, record, or document relating to stock, or

(d)

destroys any book, record, or document relating to stock, or

(e)

delivers to any person not entitled thereto any stock certificate, or any coupon, warrant, or document for the payment of any money payable in respect of any stock;

shall be guilty of an indictable offence.

Penalty: Imprisonment for 10 years.

All forged instruments or documents, the forging or uttering of which is punishable under this Act shall be forfeited to the Crown, and may be seized by any member of the police force of the Commonwealth or a State.

(1)

The Governor-General may authorize the Treasurer from time to time to make out bonds called Treasury Bonds or Australian Consolidated Treasury Bonds, Debentures and such other securities as are prescribed, for:

(a)

raising money by way of loan;

(aa)

converting any loan raised by the Commonwealth into any other loan so raised; and

(b)

paying any expenses of carrying this Act into effect which the Governor-General considers are properly payable out of capital.

(2)

Treasury Bonds, Debentures or other securities made out pursuant to paragraph (1)(a) shall not be issued or sold unless authority to borrow the money to be raised by the issue or sale is granted by an Act.

(3)

Notwithstanding subsection (1), Treasury Bonds, Debentures or other prescribed securities shall not be made out, issued or sold in connection with any loan raised after the commencement of this subsection.

The manner in which, the prices at which and the terms and conditions (including terms and conditions as to redemption and interest) on which Treasury Bonds, Debentures and other prescribed securities may be issued and sold shall be as directed by the Governor-General.

Any person who contravenes or fails to comply with any term or condition on which a Treasury Bond, Debenture or other prescribed security is issued or sold, shall be guilty of an offence against this Act.

Penalty: $200 or imprisonment for 6 months, or both, and, in addition, an amount equal to 10% of the nominal value of the Treasury Bond, Debenture or other prescribed security in respect of which the offence is committed.

Subject to the Regulations, the provisions of the Treasury Bills Act 1914 shall apply to Treasury Bonds, Debentures and other prescribed securities, as if they were Treasury Bills issued under that Act.

(1)

Stock may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for Treasury Bonds, Debentures or other prescribed securities, and Treasury Bonds, Debentures and other prescribed securities may, in the prescribed manner and on such terms and conditions as are prescribed, be exchanged for stock.

(2)

Notwithstanding subsection (1), stock issued or sold after the commencement of this subsection may not be exchanged for Treasury Bonds, Debentures or other prescribed securities.

When Treasury Bonds which have been issued and sold for raising money by way of loan for war purposes are presented for payment in accordance with the terms and conditions under which they were issued and sold, the Treasurer may repurchase or redeem them from the proceeds of any loan raised for war purposes.

(1)

The Governor-General may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Governor-General, delegate to the Treasurer all or any of his powers under sections 4, 7 and 51B.

(2)

The Treasurer may, either generally or as otherwise provided in the instrument of authorization, by writing signed by the Treasurer, authorize:

(a)

a specified person;

(b)

a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or

(c)

a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;

to exercise a power that has been delegated to the Treasurer under subsection (1).

(3)

Any act or thing done:

(a)

by the Treasurer in the exercise of a power delegated to the Treasurer under subsection (1); or

(b)

by a person in the exercise of a power pursuant to an authorization by the Treasurer under subsection (2);

has the same force and effect as if it had been done by the Governor-General.

(4)

A delegation under subsection (1) does not prevent the exercise of a power by the Governor-General.

(5)

The giving of an authorization under subsection (2) does not prevent the exercise of a power by the Treasurer.

Where the Governor-General has delegated a power to the Treasurer under section 51H:

(a)

the Governor-General may give directions to the Treasurer with respect to the exercise of that power; and

(b)

if the Treasurer has under subsection 51H(2) authorized another person to exercise that power, the Treasurer:

(i)

shall, if the Governor-General gives a direction to the Treasurer under paragraph (a) with respect to the exercise of that power, give a corresponding direction to the other person; and

(ii)

may, subject to any direction given to the Treasurer under paragraph (a), give directions to the other person with respect to the exercise of that power.

COMMONWEALTH INSCRIBED STOCK ACT 1911
- SECT 51K
Delegation by Treasurer

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(1)

The Treasurer may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Treasurer, delegate to:

(a)

a person for the time being holding or performing the duties of a specified office or position in the Australian Public Service; or

(b)

a person for the time being holding or performing the duties of a specified office in the Reserve Bank Service;

all or any of the powers of the Treasurer under sections 14 and 29.

(2)

A power so delegated, when exercised by the delegate, shall, for the purposes of this Act, be deemed to have been exercised by the Treasurer.

(3)

A delegation under this section does not prevent the exercise of a power by the Treasurer.

Any person who is authorized to invest money upon any security of the Government of the Commonwealth or of a State may invest such money in stock.

(1)

The following instruments and documents shall not be liable to stamp duty or other tax under any other law of the Commonwealth or of a State or Territory unless they are declared to be so liable by the prospectus relating to the loan in respect of which they are issued or used:

(a)

stock certificates, Treasury Bonds, Treasury Notes, Debentures and other prescribed securities;

(b)

documents relating to the purchase, sale, transfer, transmission, conversion, renewal or redemption of stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities;

(c)

cheques and drafts drawn by a bank on behalf of the Commonwealth in connexion with any such conversion, renewal or redemption;

(d)

documents relating to the payment of interest on stock, Treasury Bonds, Treasury Notes, Debentures or other prescribed securities; and

(e)

cheques and drafts drawn by a bank on behalf of the Commonwealth for the payment of any such interest.

(1A)

Stamp duty or other tax under any law of the Commonwealth, law of a State or law of a Territory is not payable in respect of any inscription, transfer or transmission of any interest in stock that is effected by electronic means.

(2)

In this section: