Commonwealth Consolidated Regulations

COMMONWEALTH INSCRIBED STOCK REGULATIONS - REG 66

(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.