Victorian Current Acts

MELBOURNE MARKET AUTHORITY ACT 1977 - SCHEDULE 1

Schedule 1

Sch. 1 Pt 1 amended by Nos 110/1986 s. 140(2), 127/1993 s. 9(5)(a)–(c), 93/1997
s. 28(Sch.
item 19(a)(b)).

Part I—Debentures

The following provisions shall apply to debentures issued by the Authority under this Act:

Sch. 1 Pt 1 cl. 1 amended by No. 40/2019 s. 77(7)(a).

    1.     Every debenture shall be in the form prescribed by the regulations or to the like effect: Provided that if no regulation prescribing the form of debentures is made before the issue of debentures for the purposes of any loan under this Act every debenture for the purposes of that loan shall be in the form or to the effect following:

MELBOURNE WHOLESALE FRUIT, VEGETABLE AND FLOWER MARKET

No. Transferable by Delivery

Under the authority of and subject to the Melbourne Market Authority Act 1977 .

This debenture entitles the bearer to the sum of dollars on the day of with interest thereon in the meantime at the rate of per centum per annum payable half-yearly on the day of and the day of in every year as per coupons annexed, which principal sum and interest are hereby charged and secured upon the revenues of the Melbourne Market Authority. And such principal sum and interest are payable at the bankers for the time being of the Authority.

Given under the common seal of the Melbourne Market Authority at Melbourne in the State of Victoria this day of in the year 19

(L.S.)

Member.

Secretary.

    2.     Debentures shall—

        (a)     be prepared on watermarked paper approved by the Treasurer and bear the signatures of a member and the secretary or acting secretary and the common seal of the Authority or a facsimile of such seal;

        (b)     be signed personally by such persons or have the signatures of such persons endorsed thereon by engraving or any other process approved by the Treasurer; and

        (c)     be numbered consecutively in each denomination.

    3.     Every debenture with the interest coupons annexed thereto and every interest coupon after being detached therefrom shall pass by delivery and without any assignment or indorsement.

Sch. 1 Pt 1 cl. 4 amended by No. 40/2019 s. 78(10)(a).

    4.     The bearer of every debenture or detached interest coupon shall have the same rights as if the bearer were expressly named as payee therein.

    5.     No interest shall be payable in respect of any debenture except to the holder of the coupon representing the interest claimed and upon delivery of the same.

    6. (1)     The Authority shall cause to be kept in one or more books a register of debentures, and within a reasonable time after the date of any debenture shall cause to be made an entry in the register specifying the number date and amount of the debenture.

    (2)     The register of debentures—

        (a)     may be inspected at all reasonable times by any person on payment of Fifty cents for each inspection; and

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

    (3)     Any person shall be entitled to obtain from the Authority copies or extracts certified by the officer in whose custody the register is kept to be true copies of or extracts from such register upon payment for each copy or extract of a fee of $1.20 for every folio of seventy-two words; and any copy or extract so certified shall be admissible in evidence.

Sch. 1 Pt 1 cl. 7 amended by No. 40/2019 s. 78(10)(b)(c).

    7.     Upon proof being made before the Supreme Court by affidavit of any credible person that any debenture issued by the Authority under this Act and held by such person the number and sum whereof is specified by the person has been lost or accidentally burnt or otherwise destroyed before the same has been paid off, and after the insertion of such advertisements as the Supreme Court directs and upon the Supreme Court certifying that it is satisfied with such proof, the Authority may after the expiration of six months cause a new debenture with interest coupons attached to be made having the like currency and bearing the same principal sum and rate of interest as the debenture so lost or destroyed to be delivered to such person upon the person giving sufficient security to the Authority to indemnify the Authority against any double payment.
    8.     If any debenture is defaced by accident—

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

        (b)     the new debenture shall have the like currency and be in all respects subject to the same provisions and bear the same principal sum and rate of interest as the cancelled debenture.

    9. (1)     All debentures paid off discharged exchanged or converted into stock shall—

        (a)     be cancelled by the secretary or such other officer of the Authority appointed by it for the purpose; and

        (b)     be destroyed in the presence of the secretary, acting secretary or such other officer so appointed and the Auditor-General or a person authorised by the Auditor-General.

    (2)     The Auditor-General or person authorised by the Auditor-General (as the case may be) before the debentures are destroyed shall audit the same and allow the accounts thereof and furnish the Authority with a certificate particularizing the debentures so destroyed; and the secretary shall file that certificate in the office of the Authority.

Sch. 1 Pt 2 amended by Nos 110/1986 s. 140(2), 127/1993 s. 9(5)(a)–(d), 40/2019 s. 77(7)(b).

Part II—Stock

The following provisions shall apply to Melbourne Wholesale Fruit, Vegetable and Flower Market Inscribed Stock issued in Melbourne (hereinafter referred to as stock ):

    1.     The Authority may establish at the office of the Authority a registry for the inscription of stock created and issued under the authority of this Act and appoint officers of the Authority to be respectively registrar of stock and deputy-registrar of stock and such deputy-registrar shall in the absence of the registrar have all the powers authorities and duties of the registrar.
    2.     Stock may be sold by the Authority for ready money in parcels or amounts of $100 or some multiple of $100.

    3. (1)     The Authority shall cause to be provided and kept at the office of the Authority books to be called "stock ledgers".

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

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

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

    4. (1)     Stock or any share therein shall be transferable in the manner prescribed by the regulations from one person to another by instrument in the form so prescribed and not otherwise.

Sch. 1 Pt 2 cl. 4(2) amended by No. 40/2019 s. 78(11)(a).

    (2)     No person shall be entitled or allowed to transfer any fraction of $10 or any smaller sum than $100 unless that smaller sum is the full amount of the balance standing to the person's credit in the stock ledger.

    (3)     Every instrument of transfer of the said stock or any share therein shall be executed by all parties and the signatures to the instrument shall be attested in the manner prescribed by the regulations.

    (4)     Every instrument of transfer when executed shall be delivered to the registrar who shall register the same by entering a memorial of it in the stock ledger and shall inscribe the name of the transferee in the stock ledger as the owner of the said stock.

    5. (1)     Any person to whom any stock is transmitted in consequence of the death or bankruptcy or insolvency of the registered owner of any stock or by any other lawful means than by a transfer in accordance with this Act may apply in the form prescribed by the regulations to the registrar at the registry to be inscribed as the owner of such stock.

    (2)     Every such application for transmission shall be verified by statutory declaration or in such other manner as is so prescribed and—

Sch. 1 Pt 2 cl. 5(2)(a) amended by No. 40/2019 s. 78(11)(b)(i).

        (a)     in the case of such a transmission consequent on death—the probate of the will or the letters of administration shall be produced to the registrar or in the case of transmission to a survivor or the survivors of a joint owner a certificate of the death of the owner who has died may if the registrar approves be produced to the registrar in lieu of probate or letters of administration; and

        (b)     in the case of such a transmission consequent on bankruptcy or insolvency—an office copy of the adjudication or order of sequestration shall be delivered to the registrar.

Sch. 1 Pt 2 cl. 5(3) amended by No. 40/2019 s. 78(11)(b)(ii).

    (3)     The registrar shall if satisfied that the provisions of this Act have been complied with register any such transmission by entering a memorial of it in the stock ledger and inscribe the name of the person to whom the stock has been transmitted in the stock ledger as the registered owner of the stock.

Sch. 1 Pt 2 cl. 6(1) amended by No. 40/2019 s. 78(11)(c).

    6. (1)     Any person may by power of attorney under the person's hand and seal and attested by a credible witness appoint some other person to be the person's attorney for any purpose in relation to stock (including an application for conversion or to receive interest or redemption money).

Sch. 1 Pt 2 cl. 6(2) repealed by No. 57/2014 s. 157.

    *     *     *     *     *

    7. (1)     No instrument of transfer of stock or of any part thereof shall be registered on any Saturday or holiday or within the period of fourteen days or within such period (not exceeding twenty-one days) as is prescribed next before any of the days on which the interest thereon is payable.

    (2)     During the periods last aforesaid respectively the Authority shall cause the amount of the said 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 proper stock ledger.

    (3)     No instrument of transfer of stock or of any part thereof shall be registered during the period of twenty-one days immediately preceding the date of maturity of stock.

Sch. 1 Pt 2 cl. 8(1) amended by No. 40/2019 ss 77(7)(c), 78(11)(d).

    8. (1)     If any person by the affidavit sworn or affirmed by that person or any other person or persons proves to the satisfaction of the Supreme Court that any part of the stock standing in the name or names of any other person or persons is held upon any trust in the execution or performance of which such first-mentioned person is beneficially interested the Supreme Court may make an order in the form or to the effect following:

In the Supreme Court.

Upon reading the affidavits of A.B. and C.D. and upon hearing [the attorney or agent or Mr. H. of counsel] for the said A.B., it is ordered that dollars of Melbourne Wholesale Fruit, Vegetable and Flower Market Inscribed Stock created under the Melbourne Market Authority Act 1977 now standing in the name of G.M. [ or the names of G.M. and E.F.] shall not be transferred without the further order of this court, unless the said A.B. shall by writing under his or her hand upon the said transfer express his or her assent thereto.

Dated this day 19 .

    (2)     The said order shall be signed in duplicate and with office copies of the affidavit or affidavits mentioned therein shall be delivered to or served upon the Authority which shall obey the said order and cause the same and the said attested copies to be filed in the office of the Authority and a memorandum of the said order to be made in the proper place in the stock ledger.

    (3)     Upon receipt of any such order and office copies as aforesaid the Authority shall cause to be sent by the post to every person registered as owner of the stock mentioned in such order a notice in the form or to the like effect:

19 .

A court order prohibiting the transfer of dollars of Inscribed Stock created under the Melbourne Market Authority Act 1977 standing in your name or in the names of yourself and has been obtained by A.B. and served upon the Melbourne Market Authority.

If you object to the said order you must apply to the Supreme Court to rescind it, as while it remains in force no transfer can be made without the consent of the person who obtained it.

C.D.,

Secretary.

    (4) (a)     Any person registered as the owner of the stock mentioned in any such order may at any time apply by summons to the Supreme Court to rescind such order or to permit a transfer of some specified part of the said stock.

        (b)     The Supreme Court may make an order with or without costs dismissing such summons or rescinding such first-mentioned order or permitting a transfer of some specified part as aforesaid.

        (c)     Such order shall be signed in duplicate and shall be delivered to or served upon the Authority, which shall obey the same and cause it to be filed in the office of the Authority and a memorandum of it to be made in the proper place in the stock ledger.

    9. (1)     The receipt of the person in whose name any stock stands in the stock ledger, or if it stands in the names of more persons than one the receipt of one of the persons named in the stock ledger shall be a sufficient discharge to the Authority for any interest payable in respect of such stock, notwithstanding any trusts to which such stock may then be subject and whether or not the Authority has had notice of such trusts, and the Authority shall not be bound to see to the application of the money paid upon such receipt.

    (2)     If any stock is held in joint names and one or more of the registered owners of the stock dies becomes bankrupt insolvent or otherwise legally incapable, the receipt of any one of the other joint owners or survivors shall be a sufficient discharge to the Authority for any interest payable in respect of such stock, notwithstanding that a transmission has not been registered as required by this Act.

    10. (1)     The registrar shall keep the several forms prescribed under this Act and required in connexion with stock.

    (2)     No forms other than the prescribed forms shall be used except with the consent of the chairperson of the Authority.

Sch. 2 repealed by No. 40/2019 s. 75.

    *     *     *     *     *

Sch. 3 repealed by No. 74/2000 s. 3(Sch. 1 item 82.6), new Sch. 3 inserted by No. 40/2019 s. 76.