Western Australian Consolidated Acts Western Australian Consolidated Acts[s. 4]
[Heading amended by No. 19 of 2010
s. 4.]
AGREEMENT made the 25th day of February One thousand nine hundred and ninety
four between —
THE COMMONWEALTH OF AUSTRALIA of the first part;
THE STATE OF NEW SOUTH WALES
of the second part;
THE STATE OF VICTORIA of the third part;
THE STATE OF
QUEENSLAND of the fourth part;
THE STATE OF WESTERN AUSTRALIA of the fifth
part;
THE STATE OF SOUTH AUSTRALIA of the sixth part;
THE STATE OF TASMANIA of
the seventh part;
THE AUSTRALIAN CAPITAL TERRITORY of the eighth part; and
THE
NORTHERN TERRITORY OF AUSTRALIA of the ninth part
(each of the parties of the second, third, fourth, fifth, sixth and seventh
parts and, in relation to clause 4, the Australian Capital Territory and
the Northern Territory of Australia in respect of which for the time being the
Agreement is in force being in this Agreement referred to as a
“State” and all of those parties as the context so permits or
requires being in this Agreement referred to as “the States”).
WHEREAS:
(A) an Agreement (in this Agreement called
“the Original Agreement”) was made the 12th December 1927 between
the parties to this Agreement with respect to the public debts of the States;
(B) the provisions of the Original Agreement
(which, as varied by the Supplemental Agreements, is in this Agreement called
the “Principal Agreement”) have been varied by the following
agreements made in pursuance of section 105A of the Constitution of the
Commonwealth of Australia —
(i)
Agreement made the 1st July 1928, a copy of which is set
out in the Schedule to the Tasmania Sinking Fund Agreement Act 1928 ;
(ii)
Agreement made the 21st July 1931, a copy of which is set
out in the Schedule to the Debt Conversion Agreement Act 1931 ;
(iii)
Agreement made the 22nd October 1931, a copy of which is
set out in the Schedule to the Debt Conversion Agreement Act (No. 2)
1931 ;
(iv)
Agreement made the 3rd July 1934, a copy of which is set
out in the Schedule to the Soldier Settlement Loans (Financial Agreement)
Act 1935 ;
(v)
Agreement made the 15th November 1944, a copy of which is
set out in the Schedule to the Financial Agreement Act 1944 ;
(vi)
Agreement made the 11th February 1966, a copy of which is
set out in the Schedule to the Financial Agreement Act 1966 ; and
(vii)
Agreement made the 5th February 1976, a copy of which is
set out in the Schedule to the Financial Agreement Act 1976 ,
(which Agreements are in this Agreement referred
to as “the Supplemental Agreements”);
(C) the parties, other than those of the eighth
and ninth parts, have agreed that in pursuance of section 105A of the
Constitution provision as specified in this Agreement different from that in
the Principal Agreement should be made as to;
(i)
the powers of the Loan Council;
(ii)
the restriction on a State from borrowing by the issue of
securities in its own name in domestic and overseas markets;
(iii)
the requirement on the Commonwealth and on a State for
approval of borrowings; and
(iv)
the power of the Commonwealth to borrow on behalf of the
States; and
(D) all the parties agree that
(i)
the Australian Capital Territory and the Northern
Territory be represented on the Loan Council;
(ii)
the Loan Council have a power to make resolutions only;
and
(iii)
the Northern Territory and the Commonwealth make into the
Debt Retirement Reserve Trust Account the payments that they would otherwise
have made under the 1986 Arrangements;
NOW IT IS HEREBY AGREED as follows:
1 (1) This Agreement,
other than this clause, shall have no force or effect and shall not be binding
upon any party until, in respect of each party, either —
(a) it
is signed with the prior authority of the Parliament or, in the case of each
Territory, the Legislative Assembly, of that party; or
(b)
after having been signed, it is approved by the Parliament or, in the case of
each Territory, the Legislative Assembly, of that party.
(2) The Commonwealth
will take, as soon as possible, all practicable steps to seek the enactment of
legislation relating to:
(a) the
cessation of the National Debt Sinking Fund created by the National Debt
Sinking Fund Act 1966 ;
(b) the
establishment of the Debt Retirement Reserve Trust Account; and
(c)
thereupon, the payment from the National Debt Sinking Fund or, in the case of
the Northern Territory, the Northern Territory Debt Sinking Fund, into the
Debt Retirement Reserve Trust Account, but so that the payment is made to the
credit of the accounts established in respect of the relevant States or the
Northern Territory, as the case may be, of the moneys then standing to the
credit of the accounts in the National Debt Sinking Fund or the Northern
Territory Debt Sinking Fund, respectively, including any later amounts which,
but for the abolition of the National Debt Sinking Fund or the Northern
Territory Debt Sinking Fund, would, when received, have been paid into the
National Debt Sinking Fund or the Northern Territory Debt Sinking Fund.
2 (1) This Agreement,
as varied from time to time, shall be known as “the 1994 Financial
Agreement”.
(2) Upon its coming
into force, clauses 7, 8, 10, 11 and 13 of this Agreement shall be deemed
to have commenced to operate on and from 1 July 1990.
3 (1) In this
Agreement, unless the contrary intention appears —
bondholder means holder of any securities but does
not include the Commonwealth;
face value means —
(a) in
relation to securities repayable in Australian currency, the principal amount,
excluding any amount payable by way of premium, remaining to be repaid in
respect of the securities;
(b) in
relation to securities repayable in an overseas currency, the equivalent in
Australian currency of the principal amount, excluding any amount payable by
way of premium, remaining to be repaid in respect of the securities, converted
at the Reserve Bank of Australia selling rate to the Commonwealth Government
at the time of conversion or at such rate as is agreed between the
Commonwealth and the States;
gross cost , in relation to the purchase of
securities, means the amount actually paid for the securities, including
interest, brokerage and commission;
holder , in relation to securities, means owner of
the securities according to the manner in which ownership of the securities is
determined;
net public debt , means:
(a) in
relation to a State, the public debt of the State less an amount equal to the
sum of the balance standing to the credit of the State —
(A) in relation to the period until the
establishment of the Debt Retirement Reserve Trust Account, in the Sinking
Fund; and
(B) thereafter, in the Debt Retirement
Reserve Trust Account; and
(b) in
relation to the Northern Territory, the public debt of that Territory less an
amount equal to the sum of the balance standing to the credit of the
Territory —
(C) in relation to the period until the
establishment of the Debt Retirement Reserve Trust Account, in the Northern
Territory Debt Sinking Fund; and
(D) thereafter, in the Debt Retirement
Reserve Trust Account;
Premier includes, in relation to clause 4,
the Chief Minister of —
(a) the
Australian Capital Territory; and
(b) the
Northern Territory of Australia,
as the case may be;
public debt means
(a) in
relation to a State, the aggregate of the face value of the securities issued
or created by the State or issued or created in respect of the State in
accordance with the Principal Agreement that have not been purchased, redeemed
or otherwise repaid or in respect of which the State has not otherwise been
freed and discharged from liability; and
(b) in
relation to the Northern Territory, the aggregate of the face value of the
securities issued or created in respect of the Northern Territory in
accordance with the 1986 Arrangements that have not been purchased, redeemed
or otherwise repaid or in respect of which the Northern Territory has not
otherwise been freed and discharged from liability;
securities means —
(a)
where the context involves a State;
Inscribed Stock and
Bonds
Instalment Stock
Registered Stock
Funded Stock
Stock payable to
bearer
Special Bonds
Australian Savings
Bonds
which were issued or created by a State and taken
over by the Commonwealth under the Principal Agreement or issued or created in
respect of a State; and
(b)
where the context involves the Northern Territory;
Inscribed Stock and
Bonds
Registered Stock
Stock payable to
bearer
Australian Savings
Bonds
which were issued or created in respect of the
Northern Territory under the 1986 Arrangements;
the Commission means the National Debt Commission
continued in existence by the National Debt Sinking Fund Act 1966 ;
the Loan Council means the Australian Loan Council
continued in existence pursuant to this Agreement;
the Sinking Fund means the National Debt Sinking
Fund created by the National Debt Sinking Fund Act 1966 ; and
the 1986 Arrangements means the Arrangements
entered into between the Commonwealth of Australia and the Northern Territory
dated the 26th May 1986 under which, among other things, there was created the
Northern Territory Debt Sinking Fund within the Commonwealth Trust Fund.
(2) In this
Agreement —
(a) a
reference to a year is, unless the contrary intention appears, a reference to
a financial year commencing on a 1st July;
(b) the
expression “in writing” includes any mode of representing or
reproducing words and figures in a written form; and
(c)
except where inconsistent with the context, words in the singular include the
plural and words in the plural include the singular.
4 (1) The Australian
Loan Council created under the Principal Agreement is continued in existence
hereunder but so that it shall consist of one representative of the
Commonwealth who shall be —
(a) the
Prime Minister of the Commonwealth; or
(b) a
Minister or other person nominated in writing by the Prime Minister,
and one representative of each State who shall
be —
(c) the
Premier of that State; or
(d) a
Minister or other person nominated in writing by the Premier of that State,
provided that the nomination of the Minister shall
be deemed to include another Minister of the Commonwealth or of the State, as
the case may be, who is for the time being acting for the Minister nominated
and references in this clause to a representative shall be read so as to
include a Minister who is so acting.
(2) Any nomination of
a substitute representative of the Commonwealth or of a State shall be tabled
at the meeting of the Loan Council next succeeding the nomination.
(3) The representative
of the Commonwealth on the Loan Council shall hold office during the pleasure
of the Prime Minister of the Commonwealth and a representative of a State
shall hold office during the pleasure of his or her Premier.
(4) The representative
of the Commonwealth shall be the Chairman of the Loan Council.
(5) A decision in
which all the representatives for the time being of the Loan Council concur
shall be not affected by any vacancy then existing among the representatives.
(6) A meeting of the
Loan Council may at any time be convened by the representative of the
Commonwealth, and shall be so convened upon the request of at least four State
representatives.
(7) A majority of the
representatives of the Loan Council shall constitute a quorum of the Loan
Council for the exercise of its powers at any meeting, provided
that —
(a) a
representative may at any time appoint in writing a deputy to act in his
absence, and any deputy so appointed may in the absence of the representative
exercise all the powers and functions of the representative and his or her
presence shall be deemed the presence of the representative; and
(b) an
absent representative who has not appointed a deputy may vote by letter,
telegram, or by facsimile and in such case that representative shall be
counted as being present in relation only to the questions on which he or she
has voted.
(8) The Loan Council
may make rules of procedure including rules relating to places, times, and
notices of meetings, and conduct of business at meetings, including voting on
a resolution and from time to time may alter such rules.
(9) The Loan Council
may make resolutions, which are not to operate as they would have operated had
clause 3(15) of the original Agreement not been rescinded, in relation
to —
(a)
borrowings;
(b)
raisings; and
(c)
other financial arrangements
by the Commonwealth, a State, a local governing
body or any entity owned or controlled wholly or as to a major part by any of
them, save for any of the foregoing excepted from time to time by the Loan
Council.
(10) In this clause
the expressions “Prime Minister” and “Premier” include
the persons for the time being respectively acting as such.
5 (1) Subject to this
clause the Commonwealth will continue to pay to bondholders from time to time
interest payable on the Public Debts of the States taken over by the
Commonwealth under the Principal Agreement other than debts due by the States
to the Commonwealth.
(2) Each State shall
continue to pay in each year to the Commonwealth, as it falls due, the whole
of the interest on any debt included in the public debt of that State taken
over by the Commonwealth under the Principal Agreement, and on any moneys
borrowed by the Commonwealth under the Principal Agreement on behalf of that
State, then unpaid.
(3) The Northern
Territory shall continue to pay in each year to the Commonwealth, as it falls
due, the whole of the interest on any moneys borrowed by the Commonwealth on
behalf of the Northern Territory under the 1986 Arrangements then unpaid.
(4) The method by
which payments shall be made by a State under sub-clause (2) or the
Northern Territory under sub-clause (3) of this clause shall be arranged
from time to time between the Commonwealth and, respectively, that State or
the Northern Territory.
(5) The rate of
interest payable under sub-clause (2) of this clause in respect of moneys
borrowed by the Commonwealth on behalf of a State shall be the full rate of
interest payable by the Commonwealth in respect of the loan by which such
moneys were borrowed or such other rate of interest as may be payable by the
State to the Commonwealth under any agreement made or to be made between the
Commonwealth and that State in respect of such moneys and such interest shall
be payable by that State for the full term of that loan.
(6) The rate of
interest payable under sub-clause (3) of this clause in respect of moneys
borrowed by the Commonwealth on behalf of the Northern Territory shall be the
full rate of interest payable by the Commonwealth in respect of the loan by
which such moneys were borrowed or such other rate of interest as may be
payable by the Northern Territory to the Commonwealth under any agreement made
or to be made between the Commonwealth and the Northern Territory in respect
of such moneys and such interest shall be payable by the Northern Territory
for the full term of that loan.
6 (1) There shall be a
trust account to be called the “Debt Retirement Reserve Trust
Account”.
(2) The Commonwealth
shall establish and maintain a separate account in the Debt Retirement Reserve
Trust Account in respect of each State.
(3) The Commonwealth
shall establish and maintain a separate account in the Debt Retirement Reserve
Trust Account in respect of the Northern Territory.
(4) There shall be
paid by the Commonwealth into each of those accounts in the Debt Retirement
Reserve Trust Account established under sub-clause 6(2):
(a)
amounts equal to the amounts received from the State under
sub-clause 7(2); and
(b)
amounts being the contributions by the Commonwealth under clause 8.
(5) There shall be
paid by the Commonwealth into the accounts in the Debt Retirement Reserve
Trust Account established under sub-clause 6(3):
(a)
amounts equal to the amounts received from the Northern Territory under
sub-clause 7(3); and
(b)
amounts being the contributions by the Commonwealth under clause 8.
(6) Moneys standing to
the credit of an account established in respect of a State in the Debt
Retirement Reserve Trust Account shall be applied by the Commonwealth in
connection with the purchase, redemption, including redemption on conversion,
and repayment of securities of that State. The gross cost, in the case of
purchase, or the cost at face value, in the case of redemption or repayment,
shall be charged to the account established in respect of that State in the
Debt Retirement Reserve Trust Account.
(7) Moneys standing to
the credit of the account established in respect of the Northern Territory in
the Debt Retirement Reserve Trust Account shall be applied by the Commonwealth
in connection with the purchase, redemption, including redemption on
conversion, and repayment of securities of the Northern Territory. The gross
cost, in the case of purchase, or the cost at face value, in the case of
redemption or repayment, shall be charged to the account established in
respect of that Territory in the Debt Retirement Reserve Trust Account.
(8) Moneys standing to
the credit of an account established in respect of a State in the Debt
Retirement Reserve Trust Account will be held within the Commonwealth Public
Account established pursuant to paragraph 21(1)(a) of the Audit Act 1901
or that provision as amended, modified or re-enacted from time to time. An
amount equal to interest earned on that part of the balances in the
Commonwealth Public Account attributable to the credit balance in the account
established in respect of a State within the Debt Retirement Reserve Trust
Account shall be added to the moneys standing to the credit of that account.
(9) Moneys standing to
the credit of the account established in respect of the Northern Territory in
the Debt Retirement Reserve Trust Account will be held within the Commonwealth
Public Account established pursuant to paragraph 21(1)(a) of the
Audit Act 1901 or that provision as amended, modified or re-enacted from
time to time. An amount equal to interest earned on that part of the balances
in the Commonwealth Public Account attributable to the credit balance in the
account established in respect of the Northern Territory within the Debt
Retirement Reserve Trust Account shall be added to the moneys standing to the
credit of that account.
(10) When securities
of a State or of the Northern Territory are purchased, redeemed or repaid, the
securities shall be deemed to have been cancelled on the date of the purchase,
redemption or repayment.
7 (1) Each State
shall, in respect of the public debt of the State, pay by equal monthly
instalments during each year commencing on 1 July 1990 or in such
other amounts as are determined by agreement between the Commonwealth and the
relevant State a contribution calculated in respect of that year as provided
in this clause.
(2) Each State shall
pay the contribution in respect of each year -
(a) in
respect of the period from 1 July 1990 until the establishment of
the Debt Retirement Reserve Trust Account, to the Commission for credit to the
account of the State in the Sinking Fund, and
(b)
thereafter, to the Commonwealth for credit to the account established in
respect of the State in the Debt Retirement Reserve Trust Account
such that the contribution, together
with —
(c) in
the case of the period referred to in paragraph (a),
(i)
amounts of interest referred to in sub-clause 12A(7)
of the Principal Agreement, preserved by sub-clause 16(2), in respect of
the relevant year or, where the Debt Retirement Reserve Trust Account has
operated for only part of the year, the other part of that year;
(ii)
contributions by the Commonwealth pursuant to
clause 8 as it relates to the State in respect of the relevant year or,
where the Debt Retirement Reserve Trust Account has operated for only part of
the year, the other part of that year; and
(iii)
the moneys standing to the credit of an account in
respect of the State in the Sinking Fund as at the commencement of that year
including where the Debt Retirement Reserve Trust Account has operated for
only part of the year; and
(d) in
the case of the period referred to in paragraph (b),
(i)
amounts equal to interest referred to in
sub-clause 6(8) in respect of the relevant year, or where the Debt
Retirement Reserve Trust Account has operated for only part of the year, the
interest referred to in sub-clause 6(8) for that part of that year;
(ii)
contributions by the Commonwealth pursuant to
clause 8 in respect of the relevant year or where the Debt Retirement
Reserve Trust Account has operated for only part of the year, the contribution
made into the Debt Retirement Reserve Trust Account for that part of the year;
and
(iii)
the moneys standing at the commencement of the relevant
year to the credit of an account in respect of the State in the Debt
Retirement Reserve Trust Account,
is equal to the total of those parts of its public
debt which falls to be redeemed or is repaid or purchased in that year, or any
greater amount which the State elects to have redeemed, repaid or purchased in
that year, but so that in any event that contribution shall not be less than
an amount equal to 0.85 per centum of the net public debt of the State as at
the 30th June immediately preceding the year in which the contribution is
payable.
(3) The Northern
Territory shall pay a contribution in respect of each year —
(a) in
respect of the period from 1 July 1990 until the establishment of
the Debt Retirement Reserve Trust Account, to the Commonwealth for credit to
the Northern Territory Debt Sinking Fund; and
(b)
thereafter, to the Commonwealth for credit to the account established in
respect of the Northern Territory in the Debt Retirement Reserve Trust Account
such that the contribution, together
with —
(c) in
the case of the period referred to in paragraph (a),
(i)
amounts of interest which would have been payable under
the 1986 Arrangements in respect of the relevant year or, where the Debt
Retirement Reserve Trust Account has operated for only part of the year, the
other part of that year;
(ii)
contributions by the Commonwealth pursuant to
clause 8 as it relates to the Territory in respect of the relevant year
or, where the Debt Retirement Reserve Trust Account has operated for only part
of the year, the other part of that year; and
(iii)
the moneys standing to the credit of the Northern
Territory Debt Sinking Fund as at the commencement of that year including
where the Debt Retirement Reserve Trust Account has operated for only part of
the year; and
(d) in
the case of the period referred to in paragraph (b),
(i)
amounts equal to interest referred to in
sub-clause 6(9) in respect of the relevant year or, where the Debt
Retirement Reserve Trust Account has operated for only part of the year, the
interest referred to in sub-clause 6(9) for that part of that year;
(ii)
contributions by the Commonwealth pursuant to
clause 8 in respect of the relevant year or, where the Debt Retirement
Reserve Trust Account has operated for only part of the year, the contribution
made into the Debt Retirement Reserve Trust Account for that part of the year;
and
(iii)
the moneys standing at the commencement of the relevant
year to the credit of the account in respect of the Northern Territory in the
Debt Retirement Reserve Trust Account,
is equal to the total of those parts of its public
debt which falls to be redeemed or is repaid or purchased in that year or any
greater amount which the Northern Territory elects to have redeemed, repaid or
purchased in that year, but so that in any event that contribution shall not
be less than an amount equal to 0.85 per centum of the net public debt of the
Northern Territory as at the 30th June immediately preceding the year in which
the contribution is payable.
8 (1) The Commonwealth
shall, in respect of the public debt of each State and of the Northern
Territory, pay for credit to the account of the State in the National Debt
Sinking Fund and that Territory in the Northern Territory Debt Sinking Fund by
equal monthly instalments during each year commencing 1 July 1990 or
in such other amounts as are determined by agreement between the Commonwealth
and the relevant State or the Commonwealth and the Northern Territory, as the
case may be, a contribution calculated in respect of that year as provided in
this clause.
(2) The Commonwealth
shall pay a contribution in respect of each of those years in relation to the
public debt of a State and in relation to the public debt of the Northern
Territory that is equivalent to 0.28 per centum of the net public debt of the
State or the Northern Territory, as the case may be, at the 30th June
immediately preceding the year in which the contribution is payable.
(3) On and from the
establishment of the Debt Retirement Reserve Trust Account the contribution
payable by the Commonwealth under this clause in respect of the States and the
Northern Territory shall be paid into that Account.
9 The contributions payable after the
establishment of the Debt Retirement Reserve Trust Account by the Northern
Territory under sub-clause 7(3) shall be:
(a) in
respect of so much of the year ending on 30 June next following the
establishment of the Debt Retirement Reserve Trust Account; and
(b) in
respect of each succeeding year,
of equal monthly instalments during the period
referred to in paragraph (a) or during the year referred to in
paragraph (b) or of such other amounts as are determined by agreement
between the Commonwealth and the Northern Territory.
10 The Commonwealth shall reimburse, in such
amounts and at such times as agreed between the Commonwealth and the State,
each State for the excess, as assessed by agreement between the Commonwealth
and the State, of the amount of the costs to the State incurred from
1 July 1990 in respect of the redemption, repayment and purchase, by
the Commonwealth of the securities from that date over the amount of the costs
that would have been so incurred under the Principal Agreement.
11 The Commonwealth shall reimburse, in such
amounts and at such times as agreed between the Commonwealth and the Northern
Territory, that Territory for the excess, as assessed by agreement between the
Commonwealth and that Territory, of the amount of the costs to that Territory
incurred from 1 July 1990 in respect of the redemption, repayment
and purchase, by the Commonwealth of the securities from that date over the
amount of the costs that would have been so incurred under the 1986
Arrangements.
12 (1) Each State and
the Northern Territory shall repay to the Commonwealth all expenses incurred
or payments made by the Commonwealth in the performance of this Agreement in
relation to the State and the Northern Territory, including the following
expenses and payments: —
(a) Loan
floatation charges;
(b)
Management charges;
(c)
Stamp duties on transfer of securities;
(d)
Commission on payment of interest;
(e)
Expenses incurred in the conversion, renewal, redemption or consolidation of
loans; and
(f)
Exchange on transference of moneys.
(2) Unless it is
otherwise agreed between the Commonwealth and a State, the Commonwealth will
not do anything in connection with a loan of that State existing on the 30th
June, 1927, or raised thereafter pursuant to the Principal Agreement, which,
if done by that State, would be a breach of any now existing agreement by that
State with any Bank.
(3) A certificate by
the Auditor-General of the Commonwealth stating the amount to be repaid by a
State to the Commonwealth and the matter in respect of which the repayment is
to be made shall, in the event of a dispute, be conclusive as to the amount
and matter stated.
13 Each State agrees with the Commonwealth that it
will by the faithful performance of its obligations under this Agreement
indemnify the Commonwealth against all liabilities whatsoever in respect of
the public debt of that State (other than the liabilities of the Commonwealth
under this Agreement to pay interest and to make sinking fund contributions
or, after its establishment, contributions to the Debt Retirement Reserve
Trust Account), not falling payable under the Principal Agreement prior to the
1 July 1990 in respect of which this Agreement provides that sinking
fund contributions or, after its establishment, contributions to the Debt
Retirement Reserve Trust Account shall be made.
14 The Northern Territory agrees with the
Commonwealth that it will by the faithful performance of its obligations under
this Agreement indemnify the Commonwealth against all liabilities whatsoever
in respect of all loans of that Territory for which this Agreement provides
that, after its establishment, contributions to the Debt Retirement Reserve
Trust Account shall be made.
15 Separate accounts shall be kept by the
Commonwealth for each State and, so far as relevant, for the Northern
Territory in respect of Debt, Interest, and Sinking Funds or, after its
establishment, contributions for the purposes of the Debt Retirement Reserve
Trust Account.
16 (1) This Agreement
rescinds the Principal Agreement, except as provided by this clause, but with
effect from the date on which this Agreement, other than Clauses 7, 8,
10, 11 and 13, comes into effect.
(2)
Sub-clauses 12A(1), (2) and (4) to (12), inclusive, of the Principal
Agreement continue to operate until the date on which the Debt Retirement
Reserve Trust Account is established and, for the purposes of their continued
operation, references in sub-clause 12A(9) of the Principal Agreement to
clauses 12B and 12C are taken to be references to clauses 7 and 8,
respectively, of this Agreement.
(3) This Agreement
rescinds, with effect from the date referred to in subclause (1), the
provisions of the 1986 Arrangements in relation to debt outstanding as at
1 July 1990, being debt arising from securities the subject of those
Arrangements issued or created in respect of the Northern Territory by the
Commonwealth.
IN WITNESS WHEREOF this agreement has been signed for and on behalf of the
parties respectively as at the day and year first above written.
|
SIGNED by the Honourable PAUL JOHN KEATING, Prime Minister of the Commonwealth
of Australia, in the presence of Dr. Michael Keating
|
Paul J. Keating |
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SIGNED by the Honourable JOHN JOSEPH FAHEY, Premier of the State of New South
Wales, in the presence of Mr. Roger Wilkins
|
John Fahey |
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SIGNED by the Honourable JEFFREY GIBB KENNETT, Premier of the State of
Victoria, in the presence of Mr. Ken Baxter |
J. G. Kennett |
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SIGNED by the Honourable WAYNE KEITH GOSS, Premier of the State of Queensland,
in the presence of Mr. Kevin Rudd |
W. K. Goss |
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SIGNED by the Honourable RICHARD FAIRFAX COURT, Premier of the State of
Western Australia, in the presence of Mr. Don Saunders |
Richard Court |
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SIGNED by the Honourable DEAN CRAIG BROWN, Premier of the State of South
Australia, in the presence of Mr. Michael Schilling
|
Dean Brown |
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SIGNED by the Honourable RAYMOND JOHN GROOM, Premier of the State of Tasmania,
in the presence of Dr. Dan Norton |
R. J. Groom |
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SIGNED by ROSEMARY FOLLETT, Chief Minister of the Australian Capital
Territory, in the presence of Dr. David Rosalky
|
Rosemary Follett |
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SIGNED by the Honourable MARSHALL BRUCE PERRON, Chief Minister of the Northern
Territory, in the presence of Dr. Neil Conn |
M. B. Perron |