GOVERNMENT INSCRIBED STOCK ACT 1920 Reprinted as in force on 27 April 1995 Reprint No. 1 > TABLE OF PROVISIONS Contents 1. Short title 2. Loans by the issue of government inscribed stock 3. Conversion of debentures etc. into stock 4. Exchange of stock for debentures etc. 5. Agreements 6. Power to trustees and others to invest in stock 6A. Stock in joint names of minor and adult 6B. Transmission of stock not exceeding $200 without probate etc. 7. Regulations 8. Matters to be reported to Parliament 9. Saving clause Endnotes - LONG TITLE An Act to authorise and regulate the creation and issue of inscribed stock within the State, and for purposes consequent thereon 1 Short title This Act may be cited as the Government Inscribed Stock Act 1920. 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 Conversion of debentures etc. into stock (1) 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. (2) For the purpose of such conversion the Governor in Council may, on such terms and conditions as the Governor in Council 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. 4 Exchange of stock for debentures 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. 5 Agreements The Governor in Council is hereby empowered from time to time to enter into any agreement with any bank having for its object the carrying into effect of any of the provisions of this Act. 6 Power to trustees and others to invest in stock Government 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 investment is in other respects reasonable and proper. 6A Stock in joint names of minor and adult Stock may be inscribed in the name of a minor jointly with 1 or more persons of 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. 6B Transmission of stock not exceeding $200 without probate etc. (1) Where a person at the date of his or her death is registered as owner of stock of an amount not exceeding $200 and probate of the person's will or letters of administration of the person's estate are not produced to the registrar of inscribed stock, or notice in writing of the existence of a will and of intention to prove it or to take out letters of administration is not given to the said registrar within 3 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 account for or apply such stock in accordance with law. 7 Regulations (1) The Governor in Council may from time to time make regulations for-- (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 inscribed stock; (c) regulating the exchange of government inscribed 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. (2) All such regulations, on being published in the Gazette, shall be valid in law. 8 Matters to be reported to Parliament The Treasurer shall, within 30 days after the first meeting of Parliament in any year, lay before the Legislative Assembly a report showing, with respect to the financial year then last past, full particulars of every creation and inscription of government inscribed stock and the terms and conditions thereof, together with copies of all agreements with any bank and all regulations made under the authority of this Act. 9 Saving clause Nothing in this Act, and nothing done under this Act shall-- (a) authorise an increase in the authorised amount of any loan; or (b) except by agreement abridge or in any way affect the rights or remedies which any person would have had against the Consolidated Fund or otherwise if this Act had not been passed. - NOTES Page Date to which amendments incorporated 7 Key 8 Table of reprints 8 List of legislation 8 List of annotations 9 Table of changed names and titles 9 Table of renumbered provisions 9 This is the reprint date mentioned in the Reprints Act 1992, section 5(c). Accordingly, this reprint includes all amendments that commenced operation on or before 27 April 1995. Future amendments of the Government Inscribed Stock Act 1920 may be made in accordance with this reprint under the Reprints Act 1992, section 49. Key Explanation Key Explanation AIA = Acts Interpretation Act 1954 (prev) = previously amd = amended proc = proclamation amdt = amendment prov = provision ch = chapter pt = part def = definition pubd = published div = division R[X] = Reprint No. [X] exp = expires/expired RA = Reprints Act 1992 gaz = gazette reloc = relocated hdg = heading renum = renumbered ins = inserted rep = repealed lap = lapsed (retro) = retrospectively notfd = notified rv = revised edition num = numbered s = section o in c = order in council sch = schedule om = omitted sdiv = subdivision orig = original SIA = Statutory Instruments Act 1992 p = page SIR = Statutory Instruments Regulation 2002 para = paragraph SL = subordinate legislation prec = preceding sub = substituted pres = present unnum = unnumbered Reprint No. Amendments to Effective Reprint date 1 1921 12 Geo 5 No. 10 4 January 1921 27 April 1995 Old New Reference provision both Houses (of the the Legislative Assembly Constitution Act Amendment Parliament) Act 1922 s 2(5) Consolidated Revenue Fund Consolidated Fund Financial Administration and Audit Act 1977 s 112 Previous Renumbered as 3, 1st para 3(1) 3, 1st unnum para 3(2) 7, 1st para 7(1) 7, 1st unnum para 7(2) >