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Consolidated Newfoundland Regulation 1996


CONSOLIDATED NEWFOUNDLAND REGULATION 7/96

CONSOLIDATED NEWFOUNDLAND REGULATION 7/96

Security Replacement Regulations
under the
Financial Administration Act
(O.C. 96‑118)

Under the authority of section 57 of the Financial Administration Act and the Subordinate Legislation Revision and Consolidation Act, the Lieutenant‑Governor in Council makes the following regulations.

REGULATIONS

Analysis


        1.   Short title

        2.   Application

        3.   Replacement or renewal of securities

        4.   Lost, stolen or destroyed debenture not replaced

        5.   Defaced, damaged or mutilated                            debenture replaced

        6.   Bearer debenture replaced

        7.   Interest cheque replaced

        8.   Prohibition on replacement

        9.   Replacement of other instruments

      10.   Nature of replaced instrument

      11.   Applications for replacement

      12.   Replacement conditions

      13.   Original instrument to be destroyed

      14.   Exceptions

      15.   Repeal


Short title

        1. These regulations may be cited as the Security Replacement Regulations.

354/78 s1

Application

        2. These regulations apply to all provincial securities, except where specific covenants or conditions in either the debenture itself or in the related agreements establish alternative procedures and regulations for replacement of securities.

354/78 s2

Replacement or renewal of securities

        3. The Deputy Minister of Finance may issue a fully registered security to replace or renew a fully registered security that has been damaged, defaced, mutilated, lost, stolen or destroyed, but only in accordance with section 11.

354/78 s3

Lost, stolen or destroyed debenture not replaced

        4. The Deputy Minister of Finance shall not replace a debenture registered as to principal that is lost, stolen or destroyed but the principal of the debenture may be paid by cheque to the registered holder of the debenture at maturity if the registered holder of the debenture makes application in accordance with section 11.

354/78 s4

Defaced, damaged or mutilated debenture replaced

        5. The Deputy Minister of Finance may replace a debenture registered as to principal that is defaced, damaged or mutilated if the debenture that is presented to him or her is sufficiently intact to provide for positive identification.

354/78 s5

Bearer debenture replaced

        6. The Deputy Minister of Finance may replace a bearer debenture that is damaged, defaced or mutilated if the debenture is able to be positively identified as to series and serial number and if the owner of the bearer debenture makes application in accordance with section 11.

354/78 s6

Interest cheque replaced

        7. The Deputy Minister of Finance may replace an interest cheque that is damaged, defaced, mutilated, lost, stolen or destroyed if the holder of the interest cheque makes application in accordance with section 11.

354/78 s7

Prohibition on replacement

        8. The Deputy Minister of Finance shall not replace a bearer debenture, a coupon or other bearer interest payment instrument that is lost, stolen or destroyed.

354/78 s8

Replacement of other instruments

        9. The Deputy Minister of Finance may replace a coupon or other bearer interest payment instrument that is damaged, defaced or mutilated if the coupon or other bearer interest payment instrument is sufficiently intact to provide for positive identification and the holder of the coupon or instrument makes application in accordance with section 11.

354/78 s9

Nature of replaced instrument

     10. A security, interest cheque or other interest payment instrument issued under these regulations shall be of the same issue, of the like term and of the same amount as the security, interest cheque or other interest payment instrument that it is intended to replace.

354/78 s10

Applications for replacement

     11. An application for the issuance of a new security or interest cheque under section 3, 4, 6, 7 or 9 shall be made in writing to the Deputy Minister of Finance and shall be accompanied by

             (a)  a statement sworn or affirmed by the applicant containing the information and verifying the facts relating to the damage, defacement, mutilation, loss, theft or destruction of the security or interest cheque to be replaced as the Deputy Minister of Finance shall direct; and

             (b)  a bond of indemnity granted and executed by the applicant in favour of and in form satisfactory to the Deputy Minister of Finance for an amount not less than the value of the security or interest cheque to be replaced.

354/78 s11

Replacement conditions

     12. Upon receipt of the application, statement and bond of indemnity referred to in section 11 and upon being satisfied on the good faith of the applicant, the Deputy Minister of Finance may issue the replacement security or interest cheque or may cause the same to be redeemed if he or she is satisfied that at the time the application is made the original security or interest cheque has matured.

354/78 s12

Original instrument to be destroyed

     13. In the event that the original security or interest cheque, that has been replaced under these regulations, comes into the possession of the Deputy Minister of Finance, the security or interest cheque shall be destroyed in a manner that the Deputy Minister of Finance shall direct.

354/78 s13

Exceptions

     14. Nothing in these regulations shall require the Deputy Minister of Finance to issue a security or interest cheque under these regulations if he or she is satisfied following reasonable inquiry that by reason of the bad faith or the negligence of the applicant the province may sustain loss or damage consequent upon that issue.

354/78 s14

Repeal

      15. The Security Replacement Regulations, 1977, Newfoundland Regulation 354/78, are repealed.