(1) An owner of a bearer security or coupon issued in connection with a bearer security may apply to the Treasurer to have the security or coupon paid off if the security or coupon has been defaced, lost, stolen or destroyed.
(2) The Treasurer may authorise payment of the security or coupon and any unpaid interest on the security or coupon to the owner if:
(a) the Treasurer is satisfied that the security or coupon has been defaced, lost, stolen or destroyed before it was paid off; and
(b) the owner gives an indemnity to the satisfaction of the Treasurer to indemnify the Commonwealth against payment of the bearer security or coupon or any interest on the security or coupon.