FINANCIAL AGREEMENT VALIDATION ACT 1929 

FINANCIAL AGREEMENT VALIDATION ACT 1929 
- TABLE OF PROVISIONS

1.   Short title [see Note 1]    
2.   Validation of Agreement    

FINANCIAL AGREEMENT VALIDATION ACT 1929

- LONG TITLE

An Act to validate an Agreement made the twelfth day of
December One thousand nine hundred and twenty-seven between the Commonwealth of
Australia of the first part and the States of New South Wales, Victoria,
Queensland, South Australia, Western Australia and Tasmania of the second,
third, fourth, fifth, sixth and seventh parts respectively

FINANCIAL AGREEMENT VALIDATION ACT 1929
- SECT 1   Short title [see Note 1] 

 
        This Act may be cited as the Financial Agreement Validation Act 1929.

FINANCIAL AGREEMENT VALIDATION ACT 1929
- SECT 2   Validation of Agreement 

 
        The Agreement made the twelfth day of December One thousand nine hundred and
twenty-seven between the Commonwealth of Australia of the first part and the
States of New South Wales, Victoria, Queensland, South Australia, Western
Australia and Tasmania of the second, third, fourth, fifth, sixth and seventh
parts respectively with respect to the public debts of the States, including:

    (a)    the taking over of such debts by the Commonwealth;
    (b)    the management of such debts;
    (c)    the payment of interest and the provision and management of sinking funds
in respect of such debts;
    (d)    the consolidation, renewal, conversion and redemption of such debts;
    (e)    the imdemnification of the Commonwealth by the States in respect of debts
taken over by the Commonwealth; and
    (f)    the borrowing of moneys by the States and by the Commonwealth and by the
Commonwealth for the States;
(a copy of which Agreement is set forth in the Schedule to this Act), is
hereby validated.

FINANCIAL AGREEMENT VALIDATION ACT 1929The Schedule  [see Note 2] 

 

FINANCIAL AGREEMENT VALIDATION ACT 1929

- NOTES

Compilation Information

[GRAPHIC]Financial Agreement Validation Act 1929
Act No. 4 of 1929
This Act was prepared on 23 March 2004
Prepared by the Office of Legislative Drafting,Attorney-General's
Department, Canberra
  
  
  

FINANCIAL AGREEMENT VALIDATION ACT 1929

- NOTES

Preamble

Preamble
WHEREAS an agreement (a copy of which is set forth in the Schedule to this Act)
was made on the twelfth day of December One thousand nine hundred and
twenty-seven between the Commonwealth of Australia of the first part and the
States of New South Wales, Victoria, Queensland, South Australia, Western
Australia and Tasmania of the second, third, fourth, fifth, sixth and seventh
parts respectively:
AND WHEREAS the Agreement has been approved by the Parliaments of the
Commonwealth and of the States:
AND WHEREAS the Agreement provides among other things that the Commonwealth
will take the necessary action to submit to the Parliament of the Commonwealth
and to the electors proposals for the alteration of the Constitution of the
Commonwealth in the following form:

    105A(1)    The Commonwealth may make agreements with the States with respect to
the public debts of the States, including:

    (a)    the taking over of such debts by the Commonwealth;
    (b)    the management of such debts;
    (c)    the payment of interest and the provision and management of sinking funds
in respect of such debts;
    (d)    the consolidation, renewal, conversion, and redemption of such debts;
    (e)    the indemnification of the Commonwealth by the States in respect of debts
taken over by the Commonwealth; and
    (f)    the borrowing of money by the States or by the Commonwealth or by the
Commonwealth for the States.

(2)  The Parliament may make laws for validating any such agreement made before
the commencement of this section.
(3)  The Parliament may make laws for the carrying out by the parties thereto
of any such agreement.
(4)  Any such agreement may be varied or rescinded by the parties thereto.
(5)  Every such agreement and any such variation thereof shall be binding upon
the Commonwealth and the States parties thereto, notwithstanding anything
contained in this Constitution or the Constitution of the several States or in
any law of the Parliament of the Commonwealth or of any State.
(6)  The powers conferred by this section shall not be construed as being
limited in any way by the provisions of section 105 of this Constitution.

AND WHEREAS a proposed law embodying the said proposals was, on the
fourteenth day of September, One thousand nine hundred and twenty-eight, passed
by both Houses of the Parliament of the Commonwealth by an absolute majority,
and, having been submitted to the electors in accordance with the Constitution,
was on the seventeenth day of November, One thousand nine hundred and
twenty-eight, approved in a majority of the States by a majority of the
electors voting, and approved by a majority of all the electors voting, and was
presented to the Governor-General for the King's assent:
AND WHEREAS the law embodying the said proposals was assented to by the
Governor-General in the King's name on the thirteenth day of February One
thousand nine hundred and twenty-nine:
AND WHEREAS it is desirable to validate the agreement:
BE it therefore enacted by the King's Most Excellent Majesty, the Senate, and
the House of Representatives of the Commonwealth of Australia, as follows:

FINANCIAL AGREEMENT VALIDATION ACT 1929

- NOTES

FINANCIAL AGREEMENT VALIDATION ACT 1929Notes to the Financial Agreement Validation Act 1929

 

Note 1
Act No. 4, 1929; assented to and commenced 18 March 1929.

Note 2

Note 2
The Schedule--The agreement contained in the Schedule to this Act is
identical with the agreement contained in the First Schedule to the
Financial Agreement Act 1928 which is published separately.