Commonwealth Inscribed Stock Amendment Act 2013 (Cth)

Commonwealth Inscribed Stock Amendment Act 2013

No. 135, 2013

An Act to remove the limit on stock and securities on issue, and for other purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Amendment of the Commonwealth Inscribed Stock Act 1911 Schedule 2—Amendment of the Charter of Budget Honesty Act 1998

Commonwealth Inscribed Stock Amendment Act 2013 No. 135, 2013

An Act to remove the limit on stock and securities on issue, and for other purposes

[Assented to 10 December 2013]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Commonwealth Inscribed Stock Amendment Act 2013.

2 Commencement This Act commences on the day this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Commonwealth Inscribed Stock Act 1911

1 Section 5 Repeal the section.

2 Subsection 51JA(2) Omit ", disregarding stock and securities of the kind mentioned in subsection 5(2),".

3 After subsection 51JA(2) Insert: (2A) In working out the total face value of stock and securities for the purposes of subsection (2), disregard: (a) stock and securities issued in relation to money borrowed under the Loan (Temporary Revenue Deficits) Act 1953; and (b) stock and securities loaned by the Treasurer under a securities lending arrangement under section 5BA of the Loans Securities Act 1919, or held by or on behalf of the Treasurer for the purpose of such an arrangement; and (c) stock and securities invested under subsection 39(2) of the Financial Management and Accountability Act 1997; and (d) stock and securities on issue as at the start of 13 July 2008, other than Treasury Fixed Coupon Bonds. Note: The time referred to in paragraph (d) is when item 4 of Schedule 1 to the Commonwealth Securities and Investment Legislation Amendment Act 2008 commenced.