State Energy Commission (Bearer Debenture and Inscribed Stock) Regulations 1980

11/Nov/1998 - Current (at 31 Dec 2005)
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    36. Interest

    (1) Except as is otherwise provided in this regulation, interest shall be paid in the manner set out in the prospectus inviting applications to purchase stock or by a cheque payable to the order of the stockholder and crossed }Not negotiable~ sent by ordinary prepaid letter through the post, addressed to the stockholder, or the owner whose name in a joint account is first inscribed in the Stock Ledger, at his address last notified to the Registrar before the closing of the Stock Ledger.

    (2) At the risk of the stockholder payment of interest may be made into an account in a bank within the Commonwealth, whether that account is in the name of the stockholder or of some other person or body, under the following conditions

    (a) a stockholder who desires interest on stock owned by him to be paid to the credit of a bank account shall make application in a manner approved by the Registrar; and

    (b) applications for payment into a bank account shall be lodged at the Registry at least 14 days before the interest is due and the instructions therein shall remain in force although the stock may have been added to or partly transferred.

    (3) Interest may be paid in a manner approved by the Registrar not otherwise provided for in these regulations, or to some person therein nominated by the stockholder on an application being made by the stockholder in a manner approved by the Registrar.

    (4) Interest on stock inscribed in the name of an infant or a person of unsound mind, jointly with others not under legal disability, may be paid as directed by the stockholders other than those under a disability, and without the concurrence of the infant or person of unsound mind, upon sufficient proof of legal disability being lodged with the Registrar.

    (5) Any one of the persons in whose name stock is inscribed may give a valid receipt for interest.

    (6) Where, under the conditions of the issue of any loan the Commission has provided that the first payment of interest on any stock shall be made to the person to whom the stock was originally allotted, then the original allottee shall for the purpose of the first payment of interest be deemed to be the stockholder or owner under this regulation.

    Cessation of interest

Note: This is not an authorised version. The only authorised version is the hardcopy (printed) version published under authority of the Government Printer, available from the State Law Publisher, 10 William St Perth W.A. 6000.