Inscribed Stock (Issue and Renewals) Act 1912 (NSW)

Inscribed Stock (Issue and Renewals) Act 1912 No 51

An Act to authorise and regulate the creation and issue of inscribed stock within the State; for the conversion and renewal of debentures and stock; and for purposes consequent thereon or incidental thereto.

Part 1 Preliminary

1 Name of Act This Act may be cited as the Inscribed Stock (Issue and Renewals) Act 1912.

2 Interpretation In this Act, unless the context or subject-matter otherwise indicates or requires, stock means inscribed stock.

Part 2 Issue of stock for loans

3 Loans by the issue of NSW stock Where, by any Act whenever passed, power is given to the Governor to raise any sums of money by way of loan, the Governor may raise the whole of any portion of such sums by the issue of stock in New South Wales.

Part 3 Conversion of debentures and stock

4 Conversion of debentures into stock, and renewal of maturing stock (1) The Governor may: (a) declare any debentures, wherever payable, issued under the authority of any Act, whenever passed, to be convertible into stock issued in New South Wales or to be renewable by the issue of other debentures, and (b) declare any maturing stock, wherever payable, issued under the authority of any Act, whenever passed, to be renewable by the issue in New South Wales or in London of other stock or to be convertible into debentures. And any such declaration on being published in the Gazette shall have the force of law. (2) The Governor may create and issue in New South Wales or in London debentures or stock for the purpose of such conversion or renewal, and of paying any expenses in connection therewith.

5 How conversion or renewal may be effected Any such conversion or renewal of debentures or stock may be effected either: (a) by arrangement with the holders of such debentures or stock, (b) by purchase or redemption of the debentures or stock, and the issue in New South Wales or in London of other debentures or stock, or (c) partly in the one way and partly in the other.