Melbourne Market Authority Act 1977

Victorian Consolidated Legislation

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Melbourne Market Authority Act 1977 - SCHEDULE 1

The following provisions shall apply to debentures issued by the Authority
under this Act:
1. Every debenture shall be in the form prescribed by the regulations or to
the like effect: Provided that if no regulation prescribing the form of
debentures is made before the issue of debentures for the purposes of any loan
under this Act every debenture for the purposes of that loan shall be in the
form or to the effect following: MELBOURNE WHOLESALE FRUIT AND VEGETABLE
MARKET
No. Transferable by Delivery
Under the authority of and subject to the Melbourne Market Authority Act 1977.
This debenture entitles the bearer to the sum of dollars on the day of with interest thereon in the meantime at the rate of per centum per annum payable half-yearly on the day of and the day of in every year as per coupons annexed, which principal sum and interest are hereby charged and secured upon the revenues of the Melbourne Market Authority. And such principal sum and interest are payable at the bankers for the time being of the Authority.

Given under the common seal of the Melbourne Market Authority at Melbourne in the State of Victoria this day of in the year 19
(L.S.) Member. Secretary.

2. Debentures shall-

(a) be prepared on watermarked paper approved by the Treasurer and bear
the signatures of a member and the secretary or acting secretary and
the common seal of the Authority or a facsimile of such seal;

(b) be signed personally by such persons or have the signatures of such
persons endorsed thereon by engraving or any other process approved by
the Treasurer; and

(c) be numbered consecutively in each denomination.
3. Every debenture with the interest coupons annexed thereto and every
interest coupon after being detached therefrom shall pass by delivery and
without any assignment or indorsement.
4. The bearer of every debenture or detached interest coupon shall have the
same rights as if he were expressly named as payee therein.
5. No interest shall be payable in respect of any debenture except to the
holder of the coupon representing the interest claimed and upon delivery of
the same.
6. (1) The Authority shall cause to be kept in one or more books a register of debentures, and within a reasonable time after the date of any debenture shall cause to be made an entry in the register specifying the number date and amount of the debenture.

(2) The register of debentures-

(a) may be inspected at all reasonable times by any person on payment of
Fifty cents for each inspection; and

(b) shall be evidence of any matters required or authorized by or under
this Act to be inserted therein.

(3) Any person shall be entitled to obtain from the Authority copies or
extracts certified by the officer in whose custody the register is kept to be
true copies of or extracts from such register upon payment for each copy or
extract of a fee of $1.20 for every folio of seventy-two words; and any copy
or extract so certified shall be admissible in evidence.
7. Upon proof being made before the Supreme Court by affidavit of any credible
person that any debenture issued by the Authority under this Act and held by
such person the number and sum whereof is specified by him has been lost or
accidentally burnt or otherwise destroyed before the same has been paid off,
and after the insertion of such advertisements as the Supreme Court directs
and upon the Supreme Court certifying that it is satisfied with such proof,
the Authority may after the expiration of six months cause a new debenture
with interest coupons attached to be made having the like currency and bearing
the same principal sum and rate of interest as the debenture so lost or
destroyed to be delivered to such person upon his giving sufficient security
to the Authority to indemnify the Authority against any double payment.
8. If any debenture is defaced by accident-

(a) the Authority may cancel the same and cause a new debenture to be made
in lieu thereof; and

(b) the new debenture shall have the like currency and be in all respects
subject to the same provisions and bear the same principal sum and
rate of interest as the cancelled debenture.
9. (1) All debentures paid off discharged exchanged or converted into stock shall-

(a) be cancelled by the secretary or such other officer of the Authority
appointed by it for the purpose; and

(b) be destroyed in the presence of the secretary, acting secretary or
such other officer so appointed and the Auditor-General or a person
authorised by the Auditor-General.

(2) The Auditor-General or person authorised by the Auditor-General (as the
case may be) before the debentures are destroyed shall audit the same and
allow the accounts thereof and furnish the Authority with a certificate
particularizing the debentures so destroyed; and the secretary shall file that
certificate in the office of the Authority.

The following provisions shall apply to Melbourne Wholesale Fruit and
Vegetable Market Inscribed Stock issued in Melbourne (hereinafter referred to
as stock):
1. The Authority may establish at the office of the Authority a registry for
the inscription of stock created and issued under the authority of this Act
and appoint officers of the Authority to be respectively registrar of stock
and deputy-registrar of stock and such deputy-registrar shall in the absence
of the registrar have all the powers authorities and duties of the registrar.
2. Stock may be sold by the Authority for ready money in parcels or amounts of
$100 or some multiple of $100.
3. (1) The Authority shall cause to be provided and kept at the office of the Authority books to be called "stock ledgers".

(2) All stock issued shall be inscribed in the stock ledgers by entering the
names of the purchasers of stock and the amount of stock purchased by them
respectively.

(3) In the case of joint purchasers of stock the names of not more than four
of them shall be inscribed as the joint purchasers.

(4) The stock ledgers shall be evidence of any matters appearing therein and
required or authorized by or under this Act to be inserted therein.
4. (1) Stock or any share therein shall be transferable in the manner prescribed by the regulations from one person to another by instrument in the form so prescribed and not otherwise.

(2) No person shall be entitled or allowed to transfer any fraction of $10 or
any smaller sum than $100 unless that smaller sum is the full amount of the
balance standing to his credit in the stock ledger.

(3) Every instrument of transfer of the said stock or any share therein shall
be executed by all parties and the signatures to the instrument shall be
attested in the manner prescribed by the regulations.

(4) Every instrument of transfer when executed shall be delivered to the
registrar who shall register the same by entering a memorial of it in the
stock ledger and shall inscribe the name of the transferee in the stock ledger
as the owner of the said stock.
5. (1) Any person to whom any stock is transmitted in consequence of the death or bankruptcy or insolvency of the registered owner of any stock or by any other lawful means than by a transfer in accordance with this Act may apply in the form prescribed by the regulations to the registrar at the registry to be inscribed as the owner of such stock.

(2) Every such application for transmission shall be verified by statutory
declaration or in such other manner as is so prescribed and-

(a) in the case of such a transmission consequent on death-the probate of
the will or the letters of administration shall be produced to the
registrar or in the case of transmission to a survivor or the
survivors of a joint owner a certificate of the death of the owner who
has died may if the registrar approves be produced to him in lieu of
probate or letters of administration; and

(b) in the case of such a transmission consequent on bankruptcy or
insolvency-an office copy of the adjudication or order of
sequestration shall be delivered to the registrar.

(3) The registrar shall if he is satisfied that the provisions of this Act
have been complied with register any such transmission by entering a memorial
of it in the stock ledger and inscribe the name of the person to whom the
stock has been transmitted in the stock ledger as the registered owner of the
stock.
6. (1) Any person may by power of attorney under his hand and seal and attested by a credible witness appoint some person to be his attorney for any purpose in relation to stock (including an application for conversion or to receive interest or redemption money).

(2) A power of attorney shall be valid and effectual for all purposes therein
mentioned until notices of its revocation or of the bankruptcy insolvency
lunacy unsoundness of mind or death of the principal has been received by the
registrar at the registry.
7. (1) No instrument of transfer of stock or of any part thereof shall be registered on any Saturday or holiday or within the period of fourteen days or within such period (not exceeding twenty-one days) as is prescribed next before any of the days on which the interest thereon is payable.

(2) During the periods last aforesaid respectively the Authority shall cause
the amount of the said stock respectively standing to the credit of the
several registered owners thereof to be ascertained and the balances to be
struck and carried forward in the proper stock ledger.

(3) No instrument of transfer of stock or of any part thereof shall be
registered during the period of twenty-one days immediately preceding the date
of maturity of stock.
8. (1) If any person by the affidavit of himself or of another or others makes appear to the satisfaction of the Supreme Court that any part of the stock standing in the name or names of any other person or persons is held by him or them upon any trust in the execution or performance of which such first-mentioned person is beneficially interested the Supreme Court may make an order in the form or to the effect following:
In the Supreme Court.
Upon reading the affidavits of A.B. and C.D. and upon hearing [the attorney or agent or Mr. H. of counsel] for the said A.B., it is ordered that dollars of Melbourne Wholesale Fruit and Vegetable Market Inscribed Stock created under the Melbourne Market Authority Act 1977 now standing in the name of G.M. [or the names of G.M. and E.F.] shall not be transferred without the further order of this court, unless the said A.B. shall by writing under his hand upon the said transfer express his assent thereto.

Dated this day 19 .

(2) The said order shall be signed in duplicate and with office copies of the
affidavit or affidavits mentioned therein shall be delivered to or served upon
the Authority which shall obey the said order and cause the same and the said
attested copies to be filed in the office of the Authority and a memorandum of
the said order to be made in the proper place in the stock ledger.

(3) Upon receipt of any such order and office copies as aforesaid the
Authority shall cause to be sent by the post to every person registered as
owner of the stock mentioned in such order a notice in the form or to the like
effect:
19 .

A court order prohibiting the transfer of dollars of Inscribed Stock created under the Melbourne Market Authority Act 1977 standing in your name or in the names of yourself and has been obtained by A.B. and served upon the Melbourne Market Authority.
If you object to the said order you must apply to the Supreme Court to rescind
it, as while it remains in force no transfer can be made without the consent
of the person who obtained it. C.D., Secretary.
(4) (a) Any person registered as the owner of the stock mentioned in any such order may at any time apply by summons to the Supreme Court to rescind such order or to permit a transfer of some specified part of the said stock.

(b) The Supreme Court may make an order with or without costs dismissing
such summons or rescinding such first-mentioned order or permitting a
transfer of some specified part as aforesaid.

(c) Such order shall be signed in duplicate and shall be delivered to or
served upon the Authority, which shall obey the same and cause it to
be filed in the office of the Authority and a memorandum of it to be
made in the proper place in the stock ledger.
9. (1) The receipt of the person in whose name any stock stands in the stock ledger, or if it stands in the names of more persons than one the receipt of one of the persons named in the stock ledger shall be a sufficient discharge to the Authority for any interest payable in respect of such stock, notwithstanding any trusts to which such stock may then be subject and whether or not the Authority has had notice of such trusts, and the Authority shall not be bound to see to the application of the money paid upon such receipt.

(2) If any stock is held in joint names and one or more of the registered
owners of the stock dies becomes bankrupt insolvent or otherwise legally
incapable, the receipt of any one of the other joint owners or survivors shall
be a sufficient discharge to the Authority for any interest payable in respect
of such stock, notwithstanding that a transmission has not been registered as
required by this Act.
10. (1) The registrar shall keep the several forms prescribed under this Act and required in connexion with stock.

(2) No forms other than the prescribed forms shall be used except with the
consent of the chairperson of the Authority. ---------

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