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©State of Queensland
QUEENSLAND
E ~ ~ ~ E INSCRI ~ N ED M STOCK ~ ~ ACT T
[Reprinted as at 1 May, 19851
11920 TO 11921
G o v e ~ ~ ~ e n t Inscribed Stock Act of 1920, 11 Geo. 5 No. 10 Government Inscribed Stock Act A ~ ~ n d ~ e n t Act of 1921, 12
As amended by No. 10
An Act to Authorise and Regulate the Creation and Issue of Inscribed Stock within the State, and for purposes consequent thereon
[ASSENTED TO 4 JANUARY, 192, I ] BE IT E ~ A C T E D by the fing’s Most Excellent Majesty, by and with the advice and consent of the kgislative Council and Legislative Assembly of Queens~and in ~arliament assembled, and by the authority of the same, as follows:-
1. Short title. This Act may be cited as “The ~0~~~~~~~~ ~ ~ ~ c ~ i ~ e ~ Stock Act of 1920.”
Collective title conferred by Act of 1921. 12 Geo. 5 KO. 10, s. 1.
2. Loans by the issue of Government Inscribed Stock. (1) Where, by any Act whenever passed, power is given to the Governor in Council to raise any sums of money by way of loan, the Governor in Council may raise the whole or any portion of such sums by the issue of stock in Queensland.
(2) Stock so issued in Queensland shall be styled “Government Inscribed Stock”
3. ~ Q n v e r s i o ~ of ~ e ~ ~ ~ ~ r e s , etc., into stock, The Governor in Council may declare any debentures or any other form of Government stock or securities, wherever payable, issued under the authority of any Act, whenever passed, to be convertible into Government Inscribed Stock.
For the purpose of such conversion the Governor in Council may, on such terms and conditions as he may determine and appoint, authorise the creation and issue of an amount of Government Inscribed Stock equivalent to the amount of the debentures or other form of Government stock or securities aforesaid.
THE G ~ V ~ R N ~ ~ N T I N S C R I ~ E ~ STOCK ACTS, 1920 TO 1921 s, 6s
e of stock for de tures, etc. Government Inscribed Stock may, on such terms and conditions as the Governor in Council may determine and appoint, be exchanged for any other form of Government stock or securities.
ents. The Governor in Council is hereby empowered ime to enter into any agreement with any bank having its object the carrying into effect of any of the provisions of this
er to trus~ees an others to invest in stock. Governme~t Inscribed Stock sold or issued is hereby declared to be for all purposes a Government security; and all persons may invest in the purchase of such stock any property held by them, whether as trustees or otherwise, which they are not expressly forbidden to invest in Government stock or securities, without on that account being liable for a breach of trust and without incurring any liability whatsoever, provided that such i n v e s t ~ e n t is in other respects reasonable and proper.
A, ult. Stock may be i n s c ~ b ~ d
in the name of a minor jointly with one or more persons o f full age, but shall not, without the order of a Judge of the Supreme Court, be transferred until the coming of age or death of the minor.
Inserted by Act of 1921, 12 Ceo. 5 No. 10, s. 2 (1).
ck not exceeding $200 ~ i t h o u t probate, etc.
(1) Where a person at the date of his death is registered as owner of stock of an amount not exceeding two hundred dollars and probate of his will or letters of administration of his estate are not produced to the Registrar of I n s c ~ b e d Stock, or notice in w ~ t i n g of the existence of a will and of intention to prove it or to take out letters of ad~inistration is not given to the said registrar within three months after the death of the registered owner, the said registrar may, with the approval of the Treasurer, register transmission of the stock to the widow or some relative or relatives of the deceased.
(2) No person shall have any claim against the said registrar or the Treasurer or the Government in respect of any transmission registered in pursuance of this section; but nothing in this section shall relieve the person or persons to whom transmission is so registered from liability to a c ~ o u ~ t for or apply such stock in acc~rdance with law,
Inserted by Act of 1921, 12 Geo. 5 No. 10, s. 2 (1).
Decimal currency reference substituted pursuant to section 7 of Decimal Currency Act of 1965,
s. 7 T H E GOVERNMENT INSCRIBED STOCK ACTS, 1920 T O 1921 s, 9 3
ullations, The Governor in Council may from time to time (a) The inscription and issue of Government Inscribed Stock;
(b) Effecting the conversion of debentures, or any other form of Government stock or securities, into Government
~nscribed Stock;
(c) Regulating the exchange of G o ~ ~ r n m e n t ~ n s c r i ~ ~ ~ Stock for any other form of Government stock or securities;
(d} Regulating transfers of Government Inscribed Stock;
(e} Paying interest on Government Inscribed Stock;
(f) Issuing stock certificates and, as often as occasion requires, reinscribing stock and reissuing such certificates;
(g> Conducting generally all business connected with such stock.
All such regulations, on being ~ u b ~ i s ~ e d in the Gazette, shall be atters to be r arli
.
The Treasurer shall, within of ~arliament in any year, la before rticulars of every creation and inscription of valid in law.thirty days after the fi year then Last past, full
Government Inscribed ck and the terms and conditions t together with copies of reernents with any bank and all regu made under the a u t h o ~ t y of this Act.
Act shall-
both Houses of Parliament a report showing, with respect to the
H
nancialclause. Nothing in this Act, and nothing done under this (a) Authorise an increase in the authorised amount of any loan;
or
(b> Except by agreement abridge or in any way agect the rights or remedies which any p e r s ~ n would have had against the Consolidated Revenue Fund or otherwise if this Act had not been passed.
67700-By Authority: S. R. HAMPSON, Government Printer, Queensland
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Act-
saving clause . . . . . . . . . . s. 9
short title . . . . . . . . . . , . . 1
stock in joint names of minor and . . . . . . . . . 6 A
Governor in Council empowered to enter into . . . 5 Adult-
Agreements-
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Convaion-
of debentures etc., into stock 3
Debentures-
conversion of etc., into stock . . . . . . . 3
exchange of stock for . . . . . . . . . . . 4
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Exchange-
of stock for debentures etc.
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Government Inscribed Stock-
meaning of term . . . . . . . . . . . . . . . 2 ( 2 ) See also Stock
Governor in Council-
empowered to enter into a ~ e m e n ~ s . .
may make regulations . , . . . . . .
. . . . . 5 7 . . o. t.
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Joint names-
stock in, of minor and adult . . . . . . . . 6.4 . .
Loans-
by issue of Government Inscribed Stock
Matters to be reported to Parliament Meaning of term-
Government Inscribed Stock Minor-
Stock in joint names of adult and
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Parliament- Power-
matters to be reported to . . s. 8
to trustees and others to invest in stock 6
Probate-
transmis~ion of stock not exceeding $200 without 6B
Regtilations-
Governor in Council may make
s
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Saving clause . . . 9
Short title . . . . 1
Stock-
conversion of debentures etc., into Exchange of, for debentures etc in joint names of minor and adult loans b j issue of
transmission of, not exceeding $200 without probate etc
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T ~ n s m i s ~ i o n - Trustees-
of stock not exceeding $200 without probate etc.
power of, to invest in stock
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67700-By Authority: S. R. HAMPSON, Government Printer, Queensiand
