An Act to provide for the issue of Stock, Bonds and other
Securities by the Commonwealth and for other purposes
Part I—Preliminary
1
Short title [see
Note 1]
This Act may be cited as the Commonwealth
Inscribed Stock Act 1911.
3
Interpretation
(1) In this Act, unless the contrary
intention appears:
certified copy of an entry in a Stock Ledger,
of an extract of an entry in a Stock Ledger or of a document means a copy of
the entry, extract or document that is certified by a prescribed person to be a
true copy.
clearing and settlement facility means a
facility that is a clearing and settlement facility for the purposes of Chapter 7
of the Corporations Act 2001.
Registrar means a Registrar of Stock or a
Deputy Registrar of Stock.
Registry means a Registry for the inscription
of stock.
stock means:
(a) stock, Treasury Bonds, Treasury
Notes or other prescribed securities created under subsection 4(1); and
(b) stock (however described) created
under subsection 4(1) as in force at any time before the commencement of
Schedule 1 to the Commonwealth Inscribed Stock Amendment Act 2002;
and
(c) Treasury Bonds, debentures or
other prescribed securities made out under subsection 51A(1) at any time before
the commencement of subsection 51A(3).
Treasury Bond includes a Treasury Fixed
Coupon Bond, a Treasury Indexed Bond and an Australian Consolidated Treasury
Bond and any coupon issued in connection with a Treasury Bond.
(2) For the purposes of the application of
this Act at a time before the commencement of Schedule 1 to the Financial
Services Reform Act 2001:
(a) a reference in this Act to the
operator of a clearing and settlement facility is taken to be a reference to:
(i) a clearing house as
defined by section 9 of the Corporations Act 2001; or
(ii) the body corporate in
relation to which an approval as a clearing house is in force under section 779B
of that Act; and
(b) a reference in this Act to the
operating rules of a clearing and settlement facility is taken to be a
reference to the business rules of a clearing house referred to in paragraph (a).
Part II—Creation and issue of stock
3A
Authority to borrow
(1) The Treasurer may, from time to time,
borrow money on behalf of the Commonwealth by issuing stock denominated in
Australian currency.
(2) Nothing in this section affects the power
of the Treasurer under any other Act to borrow money on behalf of the
Commonwealth, or to issue stock or securities under this or any other Act in
relation to those borrowings.
4
Power to create stock
(1) The Governor‑General may, by
writing signed by him or her, create stock, Treasury Bonds, Treasury Notes or
other prescribed securities from time to time for:
(a) raising money by way of loan; or
(b) converting any loan raised by the
Commonwealth into any other loan so raised; or
(c) paying any expenses of carrying
this Act into effect that the Governor‑General considers are properly
payable out of capital; or
(d) lending by the Treasurer under
securities lending arrangements under section 5BA of the Loans
Securities Act 1919.
(2) Stock created pursuant to paragraph (1)(a)
shall not be issued or sold unless:
(a) authority to borrow the moneys to
be raised by the issue or sale is granted by section 3A of this Act or by
any other Act; or
(b) the issue or sale is for the
purpose of carrying out an obligation of the Commonwealth under the Financial
Agreement.
5
Limit on stock and securities on issue
(1) The total face value of stock and
securities on issue under this Act and the Loans Securities Act 1919 at
any time must not exceed $75 billion.
(2) In working out the total face value of
that stock and securities, disregard:
(a) stock and securities issued in
relation to money borrowed under the Loan (Temporary Revenue Deficits) Act
1953; and
(b) stock and securities loaned by the
Treasurer under a securities lending arrangement under section 5BA of the Loans
Securities Act 1919, or held by or on behalf of the Treasurer for the
purpose of such an arrangement; and
(c) stock and securities invested
under subsection 39(2) of the Financial Management and Accountability Act
1997; and
(d) stock and securities on issue on
the commencement of this section, other than Treasury Fixed Coupon Bonds.
(3) For the purposes of this section:
(a) the face value of a
Treasury Indexed Bond is taken to be its face value at the time it was issued;
and
(b) the loan of stock or
a security is taken to include an arrangement under which it is sold and
repurchased.
5A
Increase in limit on stock and securities on issue—special circumstances
(1) If the Treasurer is satisfied that there
are special circumstances that would justify increasing the limit imposed by
section 5 on the total face value of stock and securities that may be on
issue under this Act and the Loans Securities Act 1919 at any time, he
or she may make a written declaration to that effect.
(2) A declaration under subsection (1)
must:
(a) be published in the Gazette;
and
(b) be tabled in each House of the
Parliament within 15 sitting days after it is published.
The declaration comes into force on the day on which it is
published in the Gazette.
(3) If a declaration under
subsection (1) is in force, the limit imposed by section 5 on the
total face value of stock and securities that may be on issue under this Act
and the Loans Securities Act 1919 at any time is taken to be increased
by $125 billion.
(4) The Treasurer must not make a declaration
under subsection (1) if a declaration made under that subsection is still
in force.
(5) An increase as a result of
subsection (3) in the limit imposed by section 5 on the total face
value of stock and securities that may be on issue under this Act and the Loans
Securities Act 1919 at any time, applies on and after the day on which the
declaration comes into force, regardless of whether the stock and securities
were issued before, on or after that day.
(6) A declaration under subsection (1)
is not a legislative instrument.
(7) The Administrative Decisions (Judicial
Review) Act 1977 does not apply to a decision to make a declaration under
subsection (1).
6
Stock and interest a charge on revenue
The principal money secured by any stock
and the interest (if any) thereon shall rank equally and without priority or
preference, and shall be a charge on and payable out of the Consolidated
Revenue Fund which is hereby appropriated for the purpose.
7
Issue of stock
(1) The manner in which, the prices at which
and the terms and conditions (including terms and conditions as to redemption
and interest) on which stock may be issued and sold shall be as directed by the
Governor‑General.
(2) Stock may be issued by electronic means.
(3) Stock may be issued to a person on trust
for other persons.
(4) To avoid doubt, a person to whom stock
may be issued under subsection (3) may be a person who is a Registrar.
(5) The Treasurer may, on behalf of the
Commonwealth, enter into such contracts or arrangements, or execute such deeds
of trust or other instruments as the Treasurer considers to be necessary or
convenient for the purposes of, or in connection with, the issue of stock as
provided by subsection (3).
11
When interest to cease
After the expiration of the notice for
the redemption of any stock the interest (if any) on the stock specified in the
notice shall cease.
13
Stock personal property
Stock shall be personal property.
Part III—Inscription of stock
Division 1—Registries and Registrars
14
Establishment of registries and appointment of Registrars
(1) The Treasurer may:
(a) establish Registries for the
inscription of stock within the Commonwealth;
(c) appoint such Registrars of Stock
and Deputy Registrars of Stock as he or she thinks necessary.
(2) Any person may be appointed as a
Registrar.
(3) To avoid doubt, a person that is:
(a) the operator of a clearing and
settlement facility; or
(b) an incorporated company or other
body corporate;
may be appointed as a Registrar.
(4) A person who holds office as a Registrar
must, in the performance of the functions, or the exercise of the powers, of
the holder of the office, comply with any relevant requirements:
(a) contained in the instrument
appointing the person to the office; or
(b) contained in any contract or
arrangement made, or in any deed of trust or other instrument executed, in
connection with the appointment; or
(c) made by the regulations.
Division 2—Inscription of stock
15
Stock to be inscribed
(1) All stock issued shall be inscribed in a
Stock Ledger at a Registry by entering therein the name of the owner of the
legal interest in the stock and the amount thereof, and such other particulars
as are prescribed.
(2) A Stock Ledger may be kept in an
electronic form.
16
Limit of number of names
No stock shall be inscribed in the names
of more than 4 persons.
17
Stock certificates
(1) The Registrar must, when requested by a
person who is the owner of the legal interest in any stock, issue to the person
a certificate stating that the person is the owner of the stock.
(2) A certificate issued under subsection (1)
is prima facie evidence that the person specified in the certificate is the
owner of the legal interest in the stock so specified.
(3) The person who is the owner of the legal
interest in any stock may dispose of the interest even though a certificate has
not been issued to the person under subsection (1).
18
Owner of legal interest in stock
The person whose name is inscribed in a
Stock Ledger as the owner of the stock:
(a) is the owner of the legal interest
in the stock; and
(b) has power to transfer the interest
as provided by this Act and to give effectual receipts for any money paid to
the person by way of consideration.
19
Protection of Registrar in relation to trusts
(1) Stock may be inscribed in the name of a
trustee in the capacity as a trustee whether as trustee of a specified trust or
as trustee without specifying a trust.
(2) Notwithstanding that stock is inscribed
in the name of a trustee in the capacity as a trustee, whether as trustee of a
specified trust or as trustee without specifying a trust, the Registrar in the
capacity as Registrar:
(a) is not affected with notice of any
trust; and
(b) is not required to make any
inquiries concerning:
(i) any trust; or
(ii) the propriety of
anything done in relation to stock that is inscribed in the name of a trustee
or any part of such stock.
20
Preservation of equitable interests
Without prejudice to the provisions of
this Act relating to the transfer of the legal interests in stock and notice of
trusts, it is the intention of this Act that equitable interests may be
enforced against the owners of legal interests in stock in the same way as equitable
interests may be enforced against the owners of legal interests in other
personal property.
21
Stock may not be inscribed in the names of persons under 16 years of age
(1) After the commencement of this section,
an inscription of stock may not be made in the name of a person who is, or in
the joint names of persons any one or more of whom is, under the age of 16
years.
(2) However, any stock inscribed at the
commencement of this section in the joint names of a person who is under the
age of 16 years and one or more other persons may continue to be so inscribed
but must not, without the order of a Judge of the Supreme Court of a State or
Territory, be transferred until the person reaches that age or dies.
21A
Stock held in official capacity
(1) Stock may be inscribed in the name of the
holder of a prescribed office in that person’s capacity as holder of the
office.
(2) The holder of a prescribed office and the
holder’s successors in office shall, for the purposes of this Act, be deemed to
be a corporation by the name prescribed in relation to the office.
22
Receipts for interest
Any one of the persons in whose names
any stock is inscribed may give valid receipts for interest.
22A
Inscription in name of Friendly Society or Trade Union
(1A) Despite anything in this Act, stock may,
subject to this section, be inscribed in the name of any Friendly Society or
any branch of a Friendly Society.
(1) Notwithstanding anything contained in
this Act, stock may, subject to this section, be inscribed in the name of any
Trade Union which the Registrar is satisfied is registered under the laws of
any State or Territory or any branch of a Trade Union so registered.
(2) An application by a Friendly Society,
Trade Union or any branch thereof, for inscribed stock 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 such 2 or more
persons as are appointed in that behalf by the Society, Trade Union or branch,
as the case may be.
(3) Certificates, receipts and other
documents relating to stock inscribed in the name of a Friendly Society, Trade
Union or branch shall be issued only to such person as the Society, Trade Union
or branch, as the case may be, appoints in that behalf.
(4) No transactions under this Act shall be
effected in relation to stock inscribed under this section unless they are
authorized by the persons appointed by the Society, Trade Union or branch, as
the case may be, in accordance with subsection (2), and the Commonwealth
shall be under no legal liability in respect of any such transaction which is
so authorized.
(5) In this section:
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.
22B Inscription
of stock in name of unincorporated associations
(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.
Division 3—Transfers and transmissions
23
Transfer to another registry
Stock may in the manner prescribed be
transferred from one Registry to another Registry.
24
Transfer of stock
(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.
24A
Transfer of certain interests in stock
(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.
24B
Record of equitable interests
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.
24C
Inscription in Stock Ledger of names of transferees of legal interests in stock
(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.
27
Limitations on registration of transactions
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.
28
Transmission application
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.
29
Verification of transmission
(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.
30
Registration of transmission of legal interest
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.
Division 5—Legal provisions
43
Orders to be carried into effect
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.
44
Evidence
(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.
Part V—Penal provisions
49
False personation
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.
50
Falsification of books or documents
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.
51
Forfeiture of forged documents and illicit forms
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.
Part VA—Treasury Bonds
51A
Power to make out and issue Treasury Bonds
(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.
51B Sale
of Treasury Bonds
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.
51BA
Breach of terms or conditions of issue of Treasury Bonds
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.
51C Treasury
Bills Act to apply to Bonds and other securities
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.
51E
Conversion of stock, Treasury Bonds and other securities
(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.
51G
Treasury Bonds may be repurchased out of war loans
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.
Part VB—Delegations and authorisations
51H
Delegation by Governor‑General and authorisation by Treasurer
(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 or her 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.
51J
Directions by Governor‑General and 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.
51JA
Delegation by Treasurer of powers under section 3A
(1) The Treasurer may, by signed instrument,
delegate all or any of the Treasurer’s powers under section 3A to:
(a) an SES employee in the Department;
or
(b) an APS employee who holds or
performs the duties of an Executive Level 2, or equivalent, position in the
Department; or
(c) 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 an SES employee, or an Executive Level 2, in the Department.
(2) The Treasurer must, by signed instrument,
give a direction as to the maximum total face value of stock and securities
that may be on issue under this Act and the Loans Securities Act 1919,
disregarding stock and securities of the kind mentioned in subsection 5(2), in
relation to borrowings under section 3A of this Act and section 4 of
the Loans Redemption and Conversion Act 1921 while the direction is in
force.
(3) In exercising the Treasurer’s powers
under section 3A, a delegate must comply with:
(a) a direction in force under
subsection (2); and
(b) any other direction given, by
signed instrument, to the delegate by the Treasurer.
(4) The Treasurer must table a direction
given under subsection (2) or paragraph (3)(b) in each House of the
Parliament no later than 15 sitting days of that House after it is given.
51K
Delegation by Treasurer of powers under sections 14 and 29
(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.
Part VI—Miscellaneous
52
Investments in stock
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.
52A
Stock certificates etc. not liable to stamp duty
(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:
bank includes, but is not limited to, a body
corporate that is an ADI (authorised deposit‑taking institution) for the
purposes of the Banking Act 1959.
52B
Liability of interest to income tax
(1) If:
(a) a person derives interest from
Stock, from Treasury Bonds or from other securities prescribed for the purposes
of section 51A; and
(b) the
prospectus relating to the loan on which the interest is payable stated that
the interest would not be liable to income tax under any law of a State;
the interest so derived is not liable to income tax under
any law of a State.
(2) Notwithstanding anything contained in any
other Act, if in any prospectus or form of application issued in relation to a
loan raised after 12 September 1931 it is so declared, the interest
derived by any person in any financial year from that loan shall be free from
income tax payable under the law of the Commonwealth to the same extent as
interest derived from new securities referred to in section 20 of the Commonwealth
Debt Conversion Act 1931.
(3) Notwithstanding anything contained in any
other Act, where it is declared, in any prospectus relating to the raising of a
loan by means of the issue of Treasury Bonds known as War Savings Certificates
or Savings Certificates, that the certificates will be free of Commonwealth
income tax, the interest derived by any person in any financial year from those
Bonds shall be free from income tax payable under any law of the Commonwealth.
54
Record of unclaimed interest
(1) Each Registrar is to keep a record of the
persons:
(a) whose names are entered in a Stock
Ledger as the owners of legal interests in stock; and
(b) in respect of whose stock a claim
for interest has not been made for at least 10 years.
(2) The record may be kept by electronic
means.
(3) The record must include such particulars
of the address, and occupation or description, of each person as are entered in
the relevant Stock Ledger.
(4) A Registrar must, on payment of the
prescribed fee, make the record available for inspection by any person.
55
Forms
(1) Each Registrar shall keep the prescribed
forms.
(2) No forms other than the prescribed forms
shall be used except with the approval of the Treasurer.
56
Powers of attorney
(1) Any person may, by power of attorney
under his or her hand and seal and attested, appoint some person to be his or
her attorney for any purpose in relation to stock.
(2) Every power of attorney in relation to
stock, or a certified copy of such a power, shall be deposited, or produced to
the Registrar, at the Registry where the stock to which the power of attorney
relates is inscribed.
(3) A power of attorney has effect for all
purposes mentioned in the power of attorney until notice of its revocation or
of:
(a) the bankruptcy;
(b) the death; or
(c) where,
apart from this subsection, the power of attorney would cease so to have effect
because of the mental incapacity of the principal—the mental incapacity;
of the principal has been received by the Registrar at the
Registry where the power of attorney was deposited or produced.
57B
Application of certain provisions of Treasury Bills Act to stamps
The provisions of sections 13, 13A,
13B and 14 of the Treasury Bills Act 1914 shall apply in relation to War
Savings Stamps, Savings Stamps and National Savings Stamps in the like manner
as they apply in relation to Treasury Bills.
58
Regulations
The Governor‑General may make
regulations, not inconsistent with this Act, prescribing the fees payable under
this Act and all matters and forms required or necessary or convenient to be
prescribed for carrying out or for giving effect to this Act or for the conduct
of any business at or in connexion with any Registry.