Northern Territory Consolidated Regulations Northern Territory Consolidated Regulations(1) Interest on stock is to be paid:
(a) on a day which trading banks are open; or
(b) if the interest payment date falls on a day on which trading banks are not open, on the next day after that day on which trading banks are open.
(2) Interest is not to be paid on stock unless the stock is fully paid.
(3) Interest on stock is to be paid, in a manner approved by the Corporation, in accordance with the directions of the applicant as to whether money is to be paid by cheque, into an ADI account or otherwise, as specified on the application under regulation 9(1)(c) or as varied under subregulation (4).
(4) Where the registrar receives a direction on writing by:
(a) an owner; or
(b) in the case of a minor who is an owner of stock, his or her parent or guardian acting on his or her behalf,
containing instructions for payment of interest other than those specified in the application under regulation 9(1)(c), subject to these Regulations, the Corporation is to pay the interest in accordance with the direction.
(5) A direction for payment of interest remains in force until varied in writing by:
(a) the owner; or
(b) in the case of a minor who is an owner of stock, his or her parent or guardian acting on his or her behalf.
(6) This regulation does not operate so as to prevent an owner from registering separately designated holdings of stock and giving separate directions for the payment of interest on those holdings.
(7) Payment in accordance with this regulation is a valid discharge to the Corporation.