Commonwealth Consolidated Regulations

LOANS SECURITIES REGULATIONS - REG 3

(1)

Where a security is accidently lost, stolen, destroyed or mutilated before it is paid off, the owner may apply to the Treasurer for the issue of a certificate under this regulation.

(2)

If the Treasurer is satisfied:

(a)

that the security has been accidentally lost, stolen, destroyed or mutilated;

(b)

that the applicant is the owner of the security; and

(c)

that, in the case of a lost or stolen security, the applicant has not seen the security within the period of five years immediately preceding the date of the application,

the Treasurer may, subject to this regulation, and upon the applicant giving an indemnity bond to the satisfaction of the Treasurer to indemnify the Commonwealth against double payment of the security, including interest thereon, issue to the applicant a certificate, in accordance with a form approved by the Treasurer, of the indebtedness of the Commonwealth to the applicant in respect of the security.

(3)

Where, in the opinion of the Treasurer, some person other than the owner has an interest in a lost, stolen, destroyed or mutilated security, the Treasurer may refuse to issue a certificate to the applicant unless:

(a)

the consent in writing of that person has first been obtained; or

(b)

in such cases as the Treasurer thinks fit, that other person gives an indemnity bond as provided by the last preceding subregulation.

(4)

The preceding provisions of this regulation do not prevent the issue of a security in accordance with terms and conditions determined under section 3 of the Act that make provision with respect to the issue of a security in place of a security that is lost, stolen, destroyed or mutilated before it is paid off.