Western Australian Repealed Acts

This legislation has been repealed.

DAMPIER PORT AUTHORITY ACT 1985 - SCHEDULE 2

[Section 66]

Part A — Provisions applying to and in relation to debentures and inscribed stock

1 .         Interest and early payment off

                All debentures and inscribed stock —

            (a)         shall bear interest at such rate and be redeemable on such date and at such place as the Port Authority, with the approval of the Governor, determines; and

            (b)         may with the consent of the holder or the registered owner thereof, as the case requires, be paid off at any time before the due date for repayment at not more than the face value thereof.

2 .         When interest payable

                Interest secured by debentures or inscribed stock is payable half-yearly on such dates and at such places as the Port Authority determines.

3 .         Debentures and inscribed stock inter-changeable

                The Port Authority may, at the request of —

            (a)         the holder of debentures issue to him in lieu thereof inscribed stock; or

            (b)         the registered owner of inscribed stock issue to him in lieu thereof debentures,

                in respect of the same loan, of the same amount, of the same currency and bearing the same interest.

4 .         Brokerage

                The Port Authority may pay moneys by way of brokerage for making, procuring, negotiating or obtaining the loan of any moneys borrowed under section 65.

5 .         Notice of trust not receivable

                Neither the Port Authority nor any officer —

            (a)         shall receive notice of any trust, whether express, implied or constructive, in relation to debentures or inscribed stock; and

            (b)         is bound to see to the execution of any trust to which the debentures or inscribed stock referred to in paragraph (a) may be subject.

6 .         Owners of securities not responsible for application of moneys advanced.

                A person advancing moneys to the Port Authority and receiving in consideration of that advance debentures or inscribed stock is not —

            (a)         bound to inquire into the application; or

            (b)         in any way responsible for the non-application or misapplication,

                of those moneys.

Part B — Provisions applying to and in relation to debentures

1 .         Form of debentures

                Debentures shall be in the prescribed form.

2 .         Sealing and numbering

                Debentures shall be —

            (a)         sealed with the common seal of the Port Authority in the prescribed manner; and

            (b)         numbered consecutively, beginning with the number 1 and proceeding in an arithmetical progression whereof the common difference is 1.

3 .         Passing by delivery

                A debenture with the interest coupons annexed thereto, and every interest coupon after being detached from a debenture, shall pass by delivery and without any assignment or endorsement.

4 .         Rights of bearer

                The bearer of a debenture or of a detached interest coupon has the same rights as if he were expressly named as payee therein.

5 .         Payment of interest

                Interest shall not be payable in respect of a debenture except to the holder of the interest coupon representing the interest claimed and on delivery of that interest coupon.

6 .         Register of debentures

        (1)         The Port Authority shall cause to be kept in one or more books a register of debentures (in this Part called “the Register”), and within a reasonable time after the date of issue of a debenture shall cause to be made an entry in the Register specifying the number, date of issue, principal amount and rate of interest of the debenture.

        (2)         The Register —

            (a)         may be inspected at all reasonable times by a person on payment of the prescribed fee, if any, for each inspection; and

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

        (3)         A person is entitled to obtain from the Port Authority copies or extracts certified by the officer in whose custody the Register is kept to be true copies of or extracts from the Register on payment for each copy or extract of the prescribed fee, and any copy or extract so certified is admissible in evidence.

7 .         Replacement of lost debentures

        (1)         On proof being made before a Judge or Master in chambers by affidavit of any credible person that a debenture held by that person, the number and principal amount whereof is specified by him, has been lost or accidentally burnt or otherwise destroyed before it has been paid off, and after the publication of such advertisements as the Judge or Master directs and on the Judge or Master certifying that he is satisfied with the proof so made, the Port Authority may after the expiry of 6 months cause a new debenture with interest coupons, if any, attached thereto —

            (a)         to be made having the like currency and bearing the same number, date of issue, principal amount and rate of interest as the debenture so lost or destroyed; and

            (b)         to be delivered to that person on his giving sufficient security to the Port Authority to indemnify the Port Authority against any double payment.

        (2)         In this clause —

        “Master” has the meaning given by the Supreme Court Act 1935 .

8 .         Replacement of defaced debentures

                If a debenture is defaced by accident —

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

            (b)         the new debenture referred to in paragraph (a) shall have the like currency and be in all respects subject to the same provisions and bear the same number, date of issue, principal amount and rate of interest as the cancelled debenture.

9 .         Cancellation and destruction of discharged debentures

        (1)         A debenture paid off, discharged or exchanged for or converted into inscribed stock —

            (a)         shall be cancelled by the General Manager or, if there is no General Manager, the Harbour Master; and

            (b)         shall be burnt in the presence of the General Manager or, if there is no General Manager, the Harbour Master and of a person authorized by the Auditor General in writing.

        (2)         An authorized person referred to in subclause (1) (b) shall, before the debenture concerned is burnt, audit it, allow its accounts and furnish the Port Authority with a certificate particularising it, and the General Manager or, if there is no General Manager, the Harbour Master shall file that certificate in the office of the Port Authority.

Part C — Provisions applying to and in relation to inscribed stock

1 .         Establishment of registry and appointment of Registrar

                The Port Authority may —

            (a)         establish at the office of the Port Authority a registry for the inscription of inscribed stock;

                and

            (b)         appoint an officer to be Registrar of Inscribed Stock (in this Part called “the Registrar”).

2 .         Parcels of stock

                The Port Authority may create and sell inscribed stock for ready money in parcels or amounts of $20 or a multiple of $20.

3 .         Inscription in stock ledgers

        (1)         The Port Authority shall cause to be provided and kept at the office of the Port Authority books (in this Part called “stock ledgers”).

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

        (3)         In the case of joint purchasers of inscribed stock, the names of not more than 4 of them shall be inscribed as the joint purchasers thereof.

        (4)         The stock ledgers are evidence of any matters appearing therein and required or authorized by or under this Act to be inserted therein.

4 .         Transfer of inscribed stock

        (1)         Inscribed stock or any share therein is transferable in the prescribed manner from one person to another by instrument in the prescribed form and not otherwise.

        (2)         A person is not entitled or allowed to transfer any fraction of a dollar or any sum smaller than $20 unless that fraction or smaller sum is the full amount of the balance standing to his credit in the stock ledgers.

        (3)         An instrument of transfer of the inscribed stock to be transferred or any share therein shall be executed by all parties to that transfer and the signatures to that instrument shall be attested in the prescribed manner.

        (4)         An instrument of transfer when executed under subclause (3) shall be delivered to the Registrar, who shall, subject to clause 7, register it by entering a memorial of it in the stock ledgers and shall inscribe the name of the transferee in the stock ledgers as the owner of the inscribed stock concerned.

5 .         Transmission, otherwise than by transfer, of inscribed stock

        (1)         A person to whom inscribed stock is transmitted in consequence of the death, insolvency or unsoundness of mind of the registered owner of the inscribed stock or by any other lawful means, not being a transfer in accordance with clause 4, may apply in the prescribed form to the Registrar at the registry to be inscribed as the registered owner of the inscribed stock.

        (2)         An application under subclause (1) for transmission of any inscribed stock shall —

            (a)         be verified by statutory declaration or in such other manner as is prescribed; and

            (b)         in the case of a transmission consequent on —

                  (i)         death, be accompanied by the probate of the will or letters of administration, which shall be produced to the Registrar, or, if that transmission is to a survivor or the survivors of a joint registered owner of the inscribed stock, by a certificate of the death of that owner, together with a statutory declaration identifying the person named in the certificate of that death with the person who is shown in the stock ledgers as the joint registered owner of the inscribed stock, which certificate and statutory declaration may, subject to the approval of the Registrar, be produced to the Registrar in lieu of the probate of the will or letters of administration; or

                  (ii)         insolvency, be accompanied by an office copy of the relevant prescribed document evidencing the insolvency of the registered owner of inscribed stock concerned.

        (3)         The Registrar shall, if he is satisfied that the provisions of this Act have been complied with, register any transmission referred to in this clause by entering a memorial of it in the stock ledgers and inscribe the name of the person to whom the inscribed stock concerned has been transmitted in the stock ledgers as the registered owner, or joint registered owner, of that inscribed stock.

        (4)         A reference in this clause or clause 6 to the insolvency of a registered owner of inscribed stock or of a principal, as the case requires, is a reference to the fact that that owner or principal is or was at the relevant time an insolvent under administration within the meaning of the Companies (Western Australia) Code .

6 .         Power of attorney

        (1)         A person may by power of attorney under his hand and seal and attested by 2 or more credible witnesses appoint some person to be his attorney for any purpose in relation to inscribed stock (including an application for exchange or conversion or to receive interest or redemption money).

        (2)         A power of attorney is valid and effectual for all purposes therein mentioned until notice of its revocation or of the death, insolvency or unsoundness of mind of the principal is received by the Registrar.

7 .         When transfer books to be closed and stock ledgers balanced

        (1)         An instrument of transfer of inscribed stock or of any part thereof shall not be registered —

            (a)         on any Saturday, Sunday or public holiday; or

            (b)         within the period of 14 days, or within such period (not exceeding 21 days) as is prescribed, immediately preceding any of the days on which the interest thereon is payable.

        (2)         During the period referred to in subclause (1) (b), the Port Authority shall cause the amount of the inscribed 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 stock ledgers.

        (3)         An instrument of transfer of any inscribed stock or of any part thereof shall not be registered during the period of 21 days immediately preceding the date of maturity of the inscribed stock.

8 .         Receipts for interest payable in respect of inscribed stock

        (1)         The receipt of the person in whose name any inscribed stock stands in the stock ledgers or, if any inscribed stock so stands in the names of 2 or more persons, the receipt of 1 of the persons in whose names the inscribed stock stands in the stock ledgers is a sufficient discharge to the Port Authority for any interest payable in respect of the inscribed stock, notwithstanding any trusts to which the inscribed stock may then be subject and whether or not the Port Authority has had notice of those trusts, and the Port Authority is not bound to see to the application of the moneys paid on that receipt.

        (2)         If any inscribed stock is held in joint names and one or more of the joint registered owners of the inscribed stock dies or becomes an insolvent under administration within the meaning of the Companies (Western Australia) Code or of unsound mind, the receipt of any one of the remaining or other joint registered owners is a sufficient discharge to the Port Authority for any interest payable in respect of the inscribed stock, notwithstanding that a transmission thereof has not been registered in accordance with clause 5.