Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997

i Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 S.R. No. 104/1997 TABLE OF PROVISIONS Regulation Page PART I—PRELIMINARY 1 1. Objectives 1 2. Authorising provision 2 3. Application 2 4. Revocation 2 5. Definitions 2 6. Hours of business of registry 3 PART 2—PROVISIONS RELATING TO STOCK 4 Division 1—Establishment of Registers and the Issue and Registration or Inscription of Stock 4 7. Establishment of registers and appointment of registrars 4 8. Stock registers 4 9. Co-ownership of stock 5 10. Trusts 5 11. Inspection of stock register 5 12. Holding of stock in other registries 6 13. Application to purchase stock 6 14. Unincorporated bodies 6 15. Firms or Partnerships 7 16. Certificates of registration or inscription 7 17. Specimen signature 8 18. Change of name and address 8 19. Amendment of register 8 Division 2—Exchange of Stock for Bearer Instruments 8 20. Exchange of stock 8 Division 3—Transfers and Transmission 9 21. Transfer within a registry 9 22. Transfer between persons at different registries 10 23. Transfer to same person at another registry 10 -- 1 of 26 -- Regulation Page ii 24. Transmission of stock 11 25. Registration of transmission of stock 12 26. Marked transfers 13 Division 4—Payment of Interest and Repayment of Principal 13 27. Payment of interest and repayment of principal on stock 13 Division 5—Other Matters 14 28. Transactions before payment of interest or principal 14 29. Minors 14 PART 3—BONDS AND DEBENTURES (BEARER INSTRUMENTS) 15 30. Form of bond with coupons 15 31. Form of bond without coupons 15 32. Requirements for bearer instruments 15 33. Bearer instruments pass by delivery 16 34. Rights of bearer 16 35. Payment of interest and repayment of principal on bearer instruments 16 36. Purchase of bearer instruments 16 37. Minors 17 38. Bond and debenture registers 17 39. Replacement of bearer instruments 18 40. Bearer instruments exchanged for stock 19 41. Exchange of bearer instruments 19 42. Cancellation and discharge etc. of bearer instruments 20 PART 4—GENERAL 21 43. Safe custody of documents 21 44. Verification of signatures 21 45. Other precautions to be taken by registrar 21 46. Person unable to sign 21 __________________ SCHEDULE 22 FORM 1—Form of bonds with coupons 22 FORM 2—Form of bonds without coupons 23 ═══════════════ NOTES 24 -- 2 of 26 -- 1 STATUTORY RULES 1997 S.R. No. 104/1997 Borrowing and Investment Powers Act 1987 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 The Governor in Council makes the following Regulations: Dated: 30 September 1997 Responsible Minister: ALAN R. STOCKDALE Treasurer CON CHARA Acting Clerk of the Executive Council PART I—PRELIMINARY 1. Objectives The objectives of these Regulations are— (a) to make provision for the form of bonds; (b) to make provision for the issue of stock, bonds and debentures; (c) to set out the rights attached to stock, bonds and debentures; (d) to make provision for the keeping of registers in Australia and the appointment of registrars for stock, bonds and debentures; -- 3 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 2 (e) to make provision for the transfer and transmission of stock, bonds and debentures— to be issued in Australia by an authority under the Act. 2. Authorising provision These Regulations are made under section 18 of the Borrowing and Investment Powers Act 1987. 3. Application These Regulations apply to stock, bonds and debentures issued in Australia by an authority under Part 2 of the Act. 4. Revocation The Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 19871 are revoked. 5. Definitions In these Regulations— "Act" means the Borrowing and Investment Powers Act 1987; "authority" means Treasury Corporation of Victoria; "bearer instrument" means a bond or debenture issued by an authority with or without interest coupons attached; "bond register" means a register of bonds required to be kept by regulation 38; "certificate of inscription" includes letter of allotment; "computer" means any device for storing or processing information; r. 2 -- 4 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 3 "debenture" means a bearer debenture created or issued by an authority; "debenture register" means a register of debentures required to be kept by regulation 38; "Form" means form in the Schedule; "owner" includes joint owner; "registrar" means the person appointed by an authority to act as registrar of a registry of that authority; "registry" means a place at which bond registers, debenture registers or stock registers are kept; "stock" means registered debenture stock or inscribed stock; "stock register" means a register of stock required to be kept by regulation 8. 6. Hours of business of registry A registry must be open for business on each day that is a business day for the authority during at least the following hours— (a) 10 a.m. to 12 p.m; and (b) 2 p.m. to 4 p.m. _______________ r. 6 -- 5 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 4 PART 2—PROVISIONS RELATING TO STOCK Division 1—Establishment of Registers and the Issue and Registration or Inscription of Stock 7. Establishment of registers and appointment of registrars An authority must establish one or more registries for the registration or inscription of stock and must appoint a registrar of each registry. 8. Stock registers (1) An authority must provide and keep a register of stock at each registry and there must be entered in the register in relation to all stock issued by the authority— (a) the name of each owner of the stock; and (b) an address to which certificates, receipts, other documents and money relating to the stock are to be forwarded. (2) A stock register may be kept in book form, in the form of a paper or card record or by computer. (3) If a stock register is kept by computer— (a) the recording or storing of any information in the computer is to be taken to be the entry of that information in the stock register; and (b) any material subsequently derived from information so recorded or stored is to be taken to be an extract from the stock register. (4) The registrar must cause all entries to be made in the stock register. r. 7 -- 6 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 5 9. Co-ownership of stock In the case of joint purchasers of stock the names of not more than 4 of them may be registered or inscribed as the joint owners. 10. Trusts (1) Stock may be registered or inscribed in the name of a trustee in the capacity as trustee of a specified trust or trustee without specifying a trust. (2) Whether or not stock is registered or inscribed in the name of a trustee, the registrar— (a) is not affected by notice of any trust; and (b) is not required to make any inquiries concerning— (i) any trust; or (ii) the propriety of anything done in relation to stock that is registered or inscribed in the name of a trustee or any part of that stock. (3) The registrar may only deal with the person registered or inscribed as owner of the stock and must not take notice of any trust or other beneficial interest which may be claimed by any other person. 11. Inspection of stock register (1) At any time a registry is open an owner of stock may inspect the owner's account of stock in the stock register upon written request to the registrar. (2) An owner may obtain from a registry copies or extracts of the owner’s account of stock certified by the registrar to be true copies of or extracts from the register. r. 9 -- 7 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 6 12. Holding of stock in other registries (1) A transfer, transmission or any other transaction with respect to any stock registered or inscribed in a stock register at any registry must not, while matters relating to that stock continue to appear in that stock register, be registered or inscribed in any stock register at any other registry. (2) If a stock register is transferred from one registry to another registry, the former registry must provide an audited statement of all holdings inscribed or registered in that registry at the close of business preceding the date of transfer. 13. Application to purchase stock (1) An application to subscribe for or purchase stock must be made in writing. (2) In the case of a joint account, the application must contain the names of the proposed owners in the order in which they are to appear in the stock register. (3) Upon receipt and acceptance of the application and receipt of the purchase money, the registrar must— (a) inscribe or register in the stock register the full name of each owner of stock and the address to which certificates, receipts, other documents and money related to the stock are to be forwarded; and (b) issue a certificate of inscription or a certificate of registration. 14. Unincorporated bodies (1) Stock may be registered or inscribed in the name of an unincorporated body that— (a) has a name; and r. 12 -- 8 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 7 (b) has a written constitution or rules of association. (2) Before stock is registered or inscribed in the name of an unincorporated body, the body must give the registrar— (a) a copy of its constitution or rules of association; and (b) the names and addresses of its officers who have been appointed in accordance with its constitution or rules of association; and (c) the specimen signatures of those officers. (3) Any change in the matters referred to in sub- regulation (2) must be notified to the registrar as soon as possible following the change. 15. Firms or Partnerships Stock must not be registered or inscribed in the name of a firm or a partnership but may be registered or inscribed in the names of individual partners. 16. Certificates of registration or inscription (1) If a certificate of registration or inscription is stolen, lost, destroyed or defaced, the registrar may issue a replacement certificate of registration or inscription on receipt of a written request from the owner. (2) The absence of the certificate of inscription does not prevent the owner of inscribed stock from disposing of the inscribed stock. (3) An owner of registered debenture stock cannot dispose of the stock in the absence of its certificate of registration. r. 15 -- 9 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 8 (4) The registrar must keep a record of each replacement certificate issued for registered debenture stock. 17. Specimen signature A natural person whose name is registered or inscribed, or is proposed to be registered or inscribed, in relation to stock, must lodge at the registry a specimen of his or her signature. 18. Change of name and address If an owner's name or address has been changed, the registrar must alter the name or address in the stock register on lodgement of a notice accompanied by satisfactory evidence of the change. 19. Amendment of register If the registrar is satisfied that stock has been incorrectly registered or inscribed in the stock register owing to a mistaken entry in any document then the registrar must amend the stock register. Division 2—Exchange of Stock for Bearer Instruments 20. Exchange of stock (1) A person may apply to the registrar in writing for the issue of a bearer instrument in exchange for stock. (2) On application under sub-regulation (1), the authority may issue a bearer instrument in exchange for stock. (3) A bearer instrument issued in exchange for stock must be issued on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the stock was issued. r. 17 -- 10 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 9 (4) Before a bearer instrument is issued for stock, the registrar must cause any interest coupons payable on the bearer instrument before the date on which the instrument is issued to be cut off and cancelled and in the case of registered debenture stock the certificate of registration must be cancelled. (5) An applicant for exchange of stock for a bearer instrument must pay to the authority the cost of printing the bearer instrument. Division 3—Transfers and Transmission 21. Transfer within a registry (1) Stock may be transferred from one person to another within a registry by an instrument of transfer and acceptance signed by both parties and lodged at the registry and, in the case of registered debenture stock, accompanied by the certificate of registration. (2) A registrar must register an instrument of transfer and acceptance under this Regulation by— (a) cancelling the registration or inscription of the stock in the stock register in the name of the transferor and, in the case of registered debenture stock, cancelling the certificate of registration; and (b) registering or inscribing the stock in the stock register in the name of the transferee; and (c) issuing to the transferee a certificate of inscription or certificate of registration. (3) A person is not entitled to transfer any fraction of $100 unless the fraction is a sum which is the full amount of the balance standing to that person's credit in the stock register. r. 21 -- 11 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 10 22. Transfer between persons at different registries (1) The owner of stock may apply to the registrar of the registry at which the stock is registered or inscribed ("transferor registry") to transfer the stock to another person at another registry ("transferee registry"). (2) Both parties to the transfer must sign the application and it must be lodged at the transferor registry and, in the case of registered debenture stock, be accompanied by the certificate of registration. (3) The signature of each party must be attested by a witness. (4) A transfer of stock is effected by— (a) the registrar of the transferor registry cancelling the registration or inscription of the stock in the stock register at the transferor registry and, in the case of registered debenture stock, cancelling the certificate of registration; and (b) the registrar of the transferee registry— (i) registering or inscribing the stock in the name of the transferee in the stock register at the transferee registry; and (ii) issuing a certificate of registration or inscription. (5) A person is not entitled to transfer any fraction of $100 unless the fraction is a sum which is the full amount of the balance standing to that person's credit on the stock register. 23. Transfer to same person at another registry r. 22 -- 12 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 11 (1) Stock registered or inscribed in the name of a person at a registry may be transferred to the name of that person at another registry on application in writing. (2) If an application is made, the registrar of the registry at which the stock is registered or inscribed must— (a) notify the registrar of the other registry of the making of the application; and (b) request them to register or inscribe the stock in the stock register at the other registry in the name of the applicant; and (c) cancel the registration or inscription of the stock in the stock register. 24. Transmission of stock (1) Any person to whom any stock is to be transmitted because of the death or bankruptcy, insolvency or liquidation of the owner of that stock or by any lawful means (other than by a transfer under this Division) may apply in writing to the registrar at the registry to be registered or inscribed as the owner of the stock. (2) The signature of the applicant must be attested by a witness. (3) An application for transmission must be accompanied by— (a) in the case of a transmission because of death— (i) the probate of the will or the letters of administration or other instrument authorising the applicant to administer the estate of the owner; or (ii) in the case of a transmission to a survivor of a joint owner, a certificate r. 24 -- 13 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 12 of death relating to the owner, in lieu of probate or letters of administration or other instrument; (b) in the case of a transmission because of bankruptcy or insolvency, an office copy of the adjudication or order of sequestration; (c) in the case of a transmission because of liquidation, an office copy of the winding up order; (d) in the case of a transmission of registered debenture stock, the certificate of registration. 25. Registration of transmission of stock (1) A registrar must register a transmission of stock that complies with regulation 24 by— (a) entering a record of the transmission in the stock register; and (b) registering or inscribing the name of the person to whom the stock has been transmitted in the stock register as the owner of the stock. (2) After registering a transmission of stock, the registrar must— (a) in the case of inscribed stock, issue a certificate of inscription to the new owner; (b) in the case of registered debenture stock— (i) cancel the original certificate of registration; and (ii) issue a certificate of registration to the new owner. r. 25 -- 14 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 13 26. Marked transfers (1) If registration of stock is pending, the registrar may mark a transfer of that stock with words to the effect that the stock is held against the transfer for a period specified in the marking. (2) If a transfer is marked under sub-regulation (1), the registrar may refuse to give effect to any dealing in the stock during the period specified in the marking except in accordance with the marked transfer. Division 4—Payment of Interest and Repayment of Principal 27. Payment of interest and repayment of principal on stock (1) Payment of interest on stock and repayment of the principal sum must be made by crossed cheque unless otherwise requested by the owner. (2) Unless otherwise requested in writing by the owner, cheques must be made payable to the owner or, in the case of a joint holding, to the owner whose name is registered or inscribed first in the stock register and must be forwarded by post to the address shown in the stock register. (3) If the registrar is requested by the owner in writing or, in the case of a joint holding, by all the holders in writing, cheques may be made payable and transmitted by post to the person specified in the request or money may be credited to an account at a bank or other financial institution. (4) Principal on registered debenture stock may only be repaid upon surrender of the certificate of registration to the registrar. r. 26 -- 15 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 14 Division 5—Other Matters 28. Transactions before payment of interest or principal A transaction relating to stock must not be registered or dealt with within 14 days immediately before the day on which interest is due, or within one month before the date of maturity of the stock. 29. Minors (1) An allotment or transfer of stock must not be made to a person who is under the age of 14 years unless the person's parent or guardian has given prior written consent to the allotment or transfer. (2) Payments on stock inscribed in the name of a minor jointly with the names of others of full age may be made as directed by those others and without the concurrence of the minor upon sufficient proof of the minority being lodged with the registrar. (3) Payments on inscribed stock and debenture stock in the name of a minor otherwise than in a joint account may be made to a parent or guardian of the minor and the receipt of the parent or guardian is a valid discharge. _______________ r. 28 -- 16 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 15 PART 3—BONDS AND DEBENTURES (BEARER INSTRUMENTS) 30. Form of bond with coupons A bond with coupons attached issued by an authority must be in Form 1. 31. Form of bond without coupons A bond without coupons attached issued by an authority must be in Form 2. 32. Requirements for bearer instruments (1) Bearer instruments either with or without coupons must— (a) be prepared on watermarked paper; and (b) bear— (i) the signature of 2 officers of the authority (whether personally or by facsimile, stamp or other process); or (ii) the common seal of the authority (or a facsimile or replica of the seal); and (c) be numbered consecutively in each denomination. (2) A bearer instrument must specify— (a) the principal sum secured; and (b) unless interest coupons are attached, the rate at which interest is payable; and (c) the date when and the place where principal is repayable and, unless interest coupons are attached, the dates when and place where interest is payable. r. 30 -- 17 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 16 (3) In the case of interest coupons the amount of interest and the date and place of payment must be specified on the coupon. 33. Bearer instruments pass by delivery A bearer instrument and, if the bearer instrument is issued with interest coupons attached, an interest coupon after being detached passes by delivery and without any words of assignment or endorsement. 34. Rights of bearer The bearer of a bearer instrument or detached interest coupon has the same rights as if the bearer were expressly named as the payee in the instrument or detached interest coupon. 35. Payment of interest and repayment of principal on bearer instruments (1) Interest on bearer instruments issued with interest coupons attached is only payable to the bearer of the coupons representing the interest claimed and upon the surrender of the coupons at the place where interest is payable. (2) Interest on bearer instruments without interest coupons attached is payable to the bearer of the bearer instruments upon presentation of the bearer instruments at the place where principal is payable. (3) Principal on bearer instruments must only be paid upon surrender of the bearer instruments at the place where principal is payable. 36. Purchase of bearer instruments (1) An application to purchase a bearer instrument must be in writing. r. 33 -- 18 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 17 (2) Upon receipt and acceptance of the application and receipt of the purchase money, the registrar must issue the bearer instrument. (3) The purchaser must give the registrar a receipt for the bearer instrument. 37. Minors An issue of bearer instruments must not be made to a person who is known to the registrar to be under the age of 18 years, but the registrar is not bound to inquire as to the age of a person to whom bearer instruments are issued. 38. Bond and debenture registers (1) An authority must provide and keep a register of bonds and a register of debentures and, within a reasonable time after the date of issue of any bond or debenture, must cause an entry to be made in the appropriate register specifying the number, due date and amount of the bond or debenture. (2) The bond register and the debenture register may be kept in book form, in the form of a paper or card record or by computer. (3) If the bond register or debenture register is kept by computer— (a) the recording or storing of any information in the computer is to be taken to be the entry of that information in the bond or debenture register as the case may be; and (b) any material subsequently derived from information so recorded or stored is to be taken to be an extract from the bond or debenture register, as the case may be. (4) The bond register and debenture register may be inspected at any time the registry is open for business by any person. r. 37 -- 19 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 18 (5) A person may obtain from a bond register or debenture register copies or extracts certified by the registrar or an authorised officer to be true copies of or extracts from the register. 39. Replacement of bearer instruments (1) If a bearer instrument is lost, stolen, destroyed or defaced an authority may issue a replacement bearer instrument to the owner on receiving a written application for the issue of a replacement accompanied by— (a) a declaration stating that the certificate or document has been lost, stolen, destroyed or defaced and has not been pledged, sold or otherwise disposed of and, if lost, that appropriate searches have been made; and (b) the bearer instrument (in the case of a defaced instrument); and (c) in the case of a lost bearer instrument, a written undertaking that if it is found or received by the owner it will be returned to the authority; and (d) an indemnity against payment of the original bearer instrument and interest; and (e) payment of the expenses incurred by the authority in issuing the replacement bearer instrument. (2) The replacement bearer instrument must have the same currency and be in all respects subject to the same provisions and bear the same principal sum and rate of interest as the original bearer instrument. (3) Before a replacement bearer instrument with coupons is issued, the registrar must cause any interest coupons payable on the replacement instrument on a date before the instrument is r. 39 -- 20 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 19 issued to be cut off and cancelled, if the equivalent coupons of the replaced bearer instrument have been presented for payment. (4) If an authority is satisfied that an interest coupon that has been detached from a bearer instrument has been lost, stolen or destroyed before it is paid, the authority must, upon the owner delivering to the authority an indemnity against payment of the coupon, pay the amount of the coupon to the owner. 40. Bearer instruments exchanged for stock (1) A person may apply to the registrar in writing for the issue of stock in exchange for bearer instruments. (2) On application under sub-regulation (1) the authority may issue stock in exchange for bearer instruments. (3) Stock issued in exchange for bearer instruments must be issued on the same terms and conditions (including terms and conditions, if any, as to interest) as those on which the bearer instruments were issued. (4) The registrar must issue a receipt for bearer instruments lodged in exchange for stock and must keep a record of the receipts issued. 41. Exchange of bearer instruments (1) Upon application in writing by the holder, a bearer instrument may be surrendered at a registry in exchange for another bearer instrument to be issued at that registry on the same terms and conditions as those on which the first bearer instrument was issued. (2) Before a bearer instrument with coupons is issued in exchange for a bearer instrument without coupons, the registrar must cause any interest r. 40 -- 21 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 20 coupons payable on the replacement instrument on a date before that instrument is issued to be cut off and cancelled. (3) An applicant for exchange of bearer instruments for other bearer instruments must pay to the authority the cost of printing the other bearer instruments. 42. Cancellation and discharge etc. of bearer instruments (1) A bearer instrument including any attached coupons which is paid off, discharged or exchanged for stock or another bearer instrument must— (a) be cancelled by or on behalf of the authority; and (b) be destroyed by or on behalf of the authority. (2) Before bearer instruments (including any attached coupons) are destroyed, the authority must cause them, and the accounts relating to them, to be audited. (3) A person who destroys a bearer instrument under sub-regulation (1) must complete a certificate of destruction that identifies the bearer instrument and coupons (if any) destroyed, which must be filed in the office of the authority. _______________ r. 42 -- 22 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 21 PART 4—GENERAL 43. Safe custody of documents A registrar must take steps to secure the safe custody of all bearer instruments, and of all documents relating to bearer instruments and stock, in the registrar's charge. 44. Verification of signatures A registrar may require a document to be signed before the registrar or before any person that the registrar nominates and may require the signatory to satisfy the registrar or the person nominated of the identity of the signatory. 45. Other precautions to be taken by registrar (1) If a registrar is not satisfied as to the genuineness of a transaction— (a) because a party to a transaction is not personally known to a registrar; or (b) because the registrar is doubtful as to the genuineness of a signature; or (c) for any other reason— the registrar must cause a notice of dealing to be forwarded to the party. (2) If a notice of dealing is forwarded to a party, the registrar must not register the transaction until satisfied that the matter is in order. 46. Person unable to sign If a person is unable to sign a document that is required to be signed for the purposes of these Regulations, the person's mark on the document must be attested by a witness. __________________ r. 43 -- 23 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 22 SCHEDULE FORM 1 Regulation 30 BORROWING POWERS (STOCK, BONDS AND DEBENTURES) REGULATIONS 1997 FORM OF BONDS WITH COUPONS (AUTHORITY) BOND TRANSFERABLE BY DELIVERY $ Number Issued under the Borrowing and Investment Powers Act 1987 This Bond entitles the bearer to the sum of $ , on with interest in the meantime at the rate of % per annum payable on in every year in accordance with the attached coupons. The principal sum and interest are guaranteed by the Government of Victoria. Principal sum and interest are payable at Dated: FORM OF COUPON (AUTHORITY) INTEREST COUPON Common Seal or signatures of two approved officers (AUTHORITY) BOND COUPON No. DUE DATE This coupon entitles the Bearer to interest in accordance with the Bond noted hereon— payable at AMOUNT: —— Form 1 -- 24 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 23 FORM 2 Regulation 31 BORROWING POWERS (STOCK, BONDS AND DEBENTURES) REGULATIONS 1997 FORM OF BONDS WITHOUT COUPONS (AUTHORITY) BOND TRANSFERABLE BY DELIVERY Number Issued under the Borrowing and Investment Powers Act 1987 This Bond entitles the bearer to the sum of $ , on with interest in the meantime at the rate of % per annum payable on in every year. The principal sum and interest are guaranteed by the Government of Victoria. The principal sum and interest are payable at Dated: . Common Seal or signatures of two approved officers ═══════════════ Form 2 -- 25 of 26 -- S.R. No. 104/1997 Borrowing and Investment Powers (Stock, Bonds and Debentures) Regulations 1997 24 NOTES 1 S.R. No. 313/1987. Notes -- 26 of 26 --