Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
S.R. No. 95/2017
table of provisions
Regulation Page
Regulation Page
Part 1—Preliminary 1
1 Objectives 1
2 Authorising provision 2
3 Application 2
4 Commencement 2
5 Revocation 2
6 Definitions 2
Part 2—Establishment of registry and appointment of registrar 4
7 Establishment of registry and hours of business 4
8 Appointment of registrar 4
Part 3—Stock 5
Division 1—Establishment of the stock registerandthe issue and registration orinscriptionof stock 5
9 The stock register 5
10 Entries of the stock register 5
11 Co-ownership of stock 6
12 Inspection of stock register 6
13 Application to purchase stock 6
14 Trusts 6
15 Unincorporated bodies 7
16 Firms or partnerships 8
17 Certificates of registration or inscription 8
18 Specimen signature 8
19 Change of name and address 8
20 Amendment of the stock register 9
Division 2—Transfer and transmission of stock 9
21 Transfer of stock 9
22 Transmission of stock 10
23 Registration of transmission of stock 11
24 Marked transfers 11
Division 3—Payment of interest and repaymentofprincipal 12
25 Payment of interest and repayment of principal on stock 12
Division 4—Other matters 12
26 Transactions before payment of interest or principal 12
27 Minors 13
Part 4—Bonds and debentures (bearerinstruments) 14
28 Form of bond with coupons 14
29 Form of bond without coupons 14
30 Form of bearer instruments 14
31 Bearer instruments pass by delivery 15
32 Rights of bearer 15
33 Payment of interest and repayment of principal on bearer instruments 15
34 Minors 16
35 The bond register and debenture register 16
36 Entries to the bond register and debenture register 16
37 Inspection of the bond register or debenture register 17
38 Replacement of bearer instruments 17
39 Bearer instruments exchanged for stock 18
40 Exchange of bearer instruments 19
41 Cancellation and discharge etc. of bearer instruments 19
Part 5—General 21
42 Safe custody of documents 21
43 Verification of signatures 21
44 Other precautions to be taken by registrar 21
45 Person unable to sign 22
Schedule 1—Forms 23
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Endnotes 25
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Schedule 1—Forms
Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
S.R. No. 95/2017
statutory rules 2017
S.R. No. 95/2017
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Schedule 1—Forms
Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
S.R. No. 95/2017
Borrowing and Investment Powers Act 1987
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Schedule 1—Forms
Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
S.R. No. 95/2017
Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
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Schedule 1—Forms
Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations2017
S.R. No. 95/2017
The Governor in Council makes the following Regulations:
Dated: 12 September 2017
Responsible Minister:
TIM PALLAS
Treasurer
ANDREW ROBINSON
Clerk of the Executive Council
Part 1—Preliminary
1 Objectives
The objectives of these Regulations are—
(a) to provide for the form of bonds; and
(b) to provide for the issue of stock, bonds and debentures; and
(c) to set out the rights attached to stock, bonds and debentures; and
(d) to provide for the appointment of a registrar and the keeping of registers in Australia for stock, bonds and debentures; and
(e) to provide for the transfer and transmission of stock, bonds and debentures to be issued in Australia by the Treasury Corporation of Victoria under the Act.
2 Authorising provision
These Regulations are made under section 18 ofthe Borrowing and Investment Powers Act1987.
3 Application
These Regulations apply to stock, bonds and debentures issued in Australia by the Treasury Corporation of Victoria under Part 2 of the Act.
4 Commencement
These Regulations come into operation on 17September 2017.
5 Revocation
The Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 2007[1] are revoked.
6 Definitions
In these Regulations—
bearer instrument means a bond or debenture issued by the Treasury Corporation of Victoria with or without interest coupons attached;
bond register means the register of bonds kept under regulation 35;
certificate of inscription includes a letter of allotment;
computer means any electronic device for storing or processing information;
debenture means a bearer instrument that is a debenture created or issued by the Treasury Corporation of Victoria;
debenture register means the register of debentures kept under regulation35;
owner includes a joint owner;
registrar means the person appointed under regulation 8;
registry means the registry established under regulation 7;
stock means registered debenture stock or inscribed stock;
stock register means the register of stock kept under regulation 9;
the Act means the Borrowing and Investment Powers Act 1987;
Treasury Corporation of Victoria means theTreasury Corporation of Victoria established under section 5 of the TreasuryCorporation of Victoria Act1992.
Part 2—Establishment of registry and appointment of registrar
7 Establishment of registry and hours of business
(1) The Treasury Corporation of Victoria must—
(a) establish a registry; and
(b) maintain the bond register, debenture registerand stock register at the registry inaccordance with these Regulations.
(2) The registry must be open for business on each day that is a business day for the Treasury Corporation of Victoria during at least the following hours—
(a) 10 a.m. to 12 p.m.; and
(b) 2 p.m. to 4 p.m.
8 Appointment of registrar
The Treasury Corporation of Victoria must appoint a registrar of the registry.
Part 3—Stock
Division 1—Establishment of the stock registerandthe issue and registration orinscriptionof stock
9 The stock register
The Treasury Corporation of Victoria must establish and maintain a register of stock at theregistry.
10 Entries of the stock register
(1) The registrar must ensure that the following details are entered into the stock register in relation to all stock issued by the Treasury Corporation of Victoria—
(a) the name of each owner of the stock; and
(b) an address to which certificates, receipts, other documents and money relating to the stock are to be forwarded.
(2) The registrar may keep the stock register in book form, in the form of a paper or card record or by computer.
(3) If the registrar keeps the stock register by computer—
(a) the recording or storing of any information in the computer is to be taken to be the entry of that information in the stock register; and
(b) any material subsequently derived from information recorded or stored in that way isto be taken to be an extract from the stockregister.
11 Co-ownership of stock
In the case of joint purchasers of stock, the names of not more than 4 of those purchasers may be registered or inscribed as the joint owners.
12 Inspection of stock register
(1) At any time the registry is open an owner of stock may inspect the owner's account of stock in the stock register upon written request to the registrar.
(2) An owner may obtain from the registry copies or extracts of the owner's account of stock certified by the registrar to be true copies of or extracts from the register.
13 Application to purchase stock
(1) An application to subscribe for or purchase stock must be made in writing.
(2) In the case of an application by a joint account, the application must contain the names of the proposed owners in the order in which they are toappear in the stock register.
(3) Upon receipt and acceptance of the application and receipt of the purchase money, the registrar must—
(a) inscribe or register in the stock register the full name of each owner of stock and the address to which certificates, receipts, other documents and money related to the stock are to be forwarded; and
(b) issue a certificate of inscription or a certificate of registration.
14 Trusts
(1) Stock may be registered or inscribed in the name of a trustee in the capacity as trustee of a specified trust or trustee without specifying a trust.
(2) Whether or not stock, or any part of that stock, is registered or inscribed in the name of a trustee, the registrar—
(a) is not affected by 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 or any part of that stock that is registered or inscribed inthe name of a trustee.
(3) The registrar must only deal with the person registered or inscribed as owner of the stock andmust not take notice of any trust or other beneficial interest that may be claimed by any other person.
15 Unincorporated bodies
(1) Stock may be registered or inscribed in the name of an unincorporated body that—
(a) has a name; and
(b) has a written constitution or rules of association.
(2) Before stock is registered or inscribed in the name of an unincorporated body, the body must give the registrar—
(a) a copy of the body's constitution or rules of association; and
(b) the names and addresses of its officers who have been appointed in accordance with the constitution or rules of association; and
(c) the specimen signatures of those officers.
(3) The body must notify the registrar of any change in the matters referred to in subregulation (2) as soon as possible following the change.
16 Firms or partnerships
Stock must not be registered or inscribed in thename of a firm or a partnership but may be registered or inscribed in the names of individual partners.
17 Certificates of registration or inscription
(1) If a certificate of registration or inscription is stolen, lost, destroyed or defaced, the registrar may issue a replacement certificate of registration or inscription on receipt of a written request from the owner.
(2) The owner of the inscribed stock may dispose of the stock without the certificate of inscription.
(3) An owner of registered debenture stock cannot dispose of the stock without the certificate of registration for that stock.
(4) The registrar must keep a record of each replacement certificate issued for registered debenture stock.
18 Specimen signature
A natural person whose name is registered or inscribed, or is proposed to be registered or inscribed, in relation to stock must lodge at the registry a specimen of the person's signature.
19 Change of name and address
If the name or address of an owner of stock changes, the registrar must alter the name or address in the stock register on lodgement by theowner of notice and satisfactory evidence ofthe change.
20 Amendment of the stock register
If the registrar is satisfied that stock has beenincorrectly registered or inscribed in thestock register as the result of a mistake inanydocument, the registrar must amend thestock register to correct the inscription orregistration.
Division 2—Transfer and transmission of stock
21 Transfer of stock
(1) Stock that is registered or inscribed in the stock register may be transferred if—
(a) the transferor and transferee of the stock lodge at the registry an instrument of transferand acceptance signed by the transferor and transferee; and
(b) in the case of the transfer of registered debenture stock, that instrument is accompanied by the certificate of registrationfor the stock.
(2) On receipt of an instrument of transfer and acceptance in accordance with subregulation (1), the registrar must register the instrument by takingthe following actions—
(a) cancelling the registration or inscription of the stock in the stock register in the name of the transferor and, in the case of registered debenture stock, cancelling the certificate of registration;
(b) registering or inscribing the stock in the stock register in the name of the transferee;
(c) issuing to the transferee a certificate of inscription or, in the case of registered debenture stock, a certificate of registration.
(3) A person is not entitled to transfer stock worth less than $100 unless that stock is the remaining balance standing to that person's credit in the stock register.
22 Transmission of stock
(1) A person to whom any stock is to be transmitted because of the death or bankruptcy, insolvency orliquidation of the owner of that stock or by any lawful means (other than by a transfer under this Division) may apply in writing to the registrar to be registered or inscribed as the owner of the stock.
(2) A witness must attest the signature of the applicant.
(3) An application for transmission must be accompanied by—
(a) in the case of a transmission because of death—
(i) the probate of the will or the letters ofadministration or other instrument authorising the applicant to administer the estate of the owner; or
(ii) in the case of a transmission to a survivor of a joint owner, a certificate of death relating to the owner; and
(b) in the case of a transmission because of bankruptcy or insolvency, an office copy of the adjudication or order of sequestration; and
(c) in the case of a transmission because of liquidation, an office copy of the winding uporder; and
(d) in the case of a transmission of registered debenture stock, the certificate of registration.
23 Registration of transmission of stock
(1) The registrar must register a transmission ofstockunder regulation 22 by taking the following actions—
(a) entering a record of the transmission in thestock register;
(b) registering or inscribing the name of theperson to whom the stock has been transmitted in the stock register as the ownerof the stock.
(2) After registering a transmission of stock, the registrar must—
(a) in the case of inscribed stock, issue acertificate of inscription to the new owner;or
(b) in the case of registered debenture stock—
(i) cancel the original certificate of registration; and
(ii) issue a certificate of registration to thenew owner.
24 Marked transfers
(1) If registration of stock is pending, the registrar may mark a transfer of that stock with words tothe effect that the stock is held against the transfer for the period specified in the marking.
(2) If a transfer is marked under subregulation (1), the registrar may refuse to give effect to any dealing in the stock during the period specified in the marking except in accordance with the marked transfer.
Division 3—Payment of interest and repaymentofprincipal
25 Payment of interest and repayment of principal on stock