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Commonwealth Inscribed Stock Amendment Act 1979

No. 95 of 1979

An Act to amend the Commonwealth Inscribed Stock 1911.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.
1. (1) This Act may be cited as the Commonwealth Inscribed Stock Amendment Act 1979.
(2) The Commonwealth Inscribed Stock Act 1911 is in this Act referred to as the Principal Act.

Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.

Power to create stock
3. Section 4 of the Principal Act is amended—
    (a) by omitting paragraphs (a) and (aa) and substituting the following paragraphs:
       "(a) raising money by way of loan;
       "(aa) converting any loan—
           (i) raised by the Commonwealth; or
           (ii) raised by a State in accordance with the provisions of the Financial Agreement,
       into any other loan so raised; and"; and
    (b) by adding at the end thereof the following sub-section:
    "(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 an Act; or
        (b) the issue or sale is for the purpose of carrying out an obligation of the Commonwealth under the Financial Agreement.".
4. Section 7 of the Principal Act is repealed and the following section substituted:

Terms and conditions of issue
"7. 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.".

Repeal
5. (1) Sections 8, 9 and 10 of the Principal Act are repealed.
(2) Notwithstanding the repeal of sections 8, 9 and 10 of the Principal Act, those sections continue to apply in relation to stock issued before the commencement of this Act.

Power to make out and issue Treasury Bonds
6. Section 51a of the Principal Act is amended—
    (a) by omitting "and issue";
    (b) by omitting paragraph (a) and substituting the following paragraph:
       "(a) raising money by way of loan; and
    (c) by adding at the end thereof the following sub-section:
    "(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.".

7. Section 51b of the Principal Act is repealed and the following section substituted:
Sale of Treasury Bonds
"51b. The manner in which, the prices at which and the terms and conditions (including terms and conditions as to redemption and