Northern Territory Consolidated Regulations Northern Territory Consolidated Regulations(1) Subject to subregulation (2), where a sole owner of stock dies, title to the stock vests in the deceased's personal representative.
(2) A person claiming to be entitled to stock because of the death of the sole owner of stock is, on production to the registrar of an original or attested copies of probate or letters of administration relating to the deceased, or other evidence the registrar thinks fit, entitled to:
(a) the stock;
(b) interest on the stock; and
(c) any other rights to which the owner would have been entitled if the owner had not died.
(3) A person claiming to be entitled to stock because of the bankruptcy of an owner is, upon production to the registrar of an attested copy of the adjudication, order of sequestration or vesting order, entitled to:
(a) the stock;
(b) interest on the stock; and
(c) any other rights to which the owner would have been entitled if the owner had not become bankrupt.
(4) A person entitled to stock in pursuance of subregulation (2) or (3) may, subject to the provisions of this Part relating to the inscription and transfer of stock, elect:
(a) to be inscribed himself or herself as the owner of the stock – in which case he or she is to make an application under regulation 25; or
(b) to have another person inscribed as the transferee of the stock – in which case he or she is to execute and deliver to the registrar a transfer of stock in favour of that person in accordance with these Regulations, as of he or she was inscribed as the owner under regulation 25.
(5) Where a joint owner of stock dies, title to the stock vests in the surviving owner or owners of the stock.
(6) The death of a joint owner of stock may be proved by the production to the registrar of –
(a) a certificate as to the death of the owner issued under the Births, Deaths and Marriages Registration Act 1996 or under a law of a State or another Territory of the Commonwealth; or
(b) where no such certificate is available, by other evidence of death supported, if the registrar requests it, by a declaration by a disinterested person as to the identity of the deceased.
(7) On production of the proof of death of a joint owner pursuant to subregulation (6), the registrar is to inscribe the stock in the name or names of the surviving joint owner or owners of the stock.
(8) The registrar may retain the interest payment on stock to which a person is entitled under subregulation (2) or (3) until the inscription of the stock in the name of the person claiming to be entitled to the stock or of the transferee of the stock.
(9) Where 2 or more persons become entitled to stock as a consequence of the death of an owner, otherwise than as surviving joint owners, they are to elect to have the stock transferred:
(a) into their names as joint owners;
(b) into separate parcels of stock with each person owning separately designated parcels; or
(c) to another person.
(10) The persons required to transfer stock under subregulation (9) must, before the transfer, produce to the register the kind of evidence referred to in subregulation (2).