Commonwealth Consolidated Acts

FINANCIAL AGREEMENT VALIDATION ACT 1929 - SECT 2

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.