AND WHEREAS, the Amending Agreement has been approved by the Parliaments of the Commonwealth on behalf of the States: AND WHEREAS the Commonwealth and the States have agreed under section 105A of the Constitution. This Agreement shall come into force on is authorized or approved by the Parliaments of the Commonwealth and the States, but not otherwise, in the Finance Agreement is amended - (a) by inserting after sub-paragraph (b) the following aub·.
The amount set forth in sub-paragraph (i.) of this paragraph against the name of a State represents the approximate total as on July 1, 1944, of the sinking fund contributions paid by the Commonwealth and that State under paragraph. In each year during the period of 39 years commencing on 1st July 1944, the Commonwealth and the State concerned shall each pay out of revenue a sinking fund contribution which, in the case of the Commonwealth, shall be at the rate of 5s. 34;(r) (1) Subject to paragraph (2) of this subclause, a State may from time to time pay an amount in addition to sinking fund contributions to the National Debt Commission for the purpose of being applied to the buyback. or redemption of securities issued in respect of a public debt of the State or a loan incurred by the Commonwealth for and on behalf of the State.
The provisions of sub-clause (q) of this clause shall apply to all securities so repurchased or redeemed (including all securities repurchased or redeemed in accordance with paragraph (2) of this sub-clause), except that the State shall not is obliged to make any further contribution to the sinking fund under sub-clause (q) of this clause upon cancellation of the security. When calculating the amount of the annual installments, any broken part of a year is ignored. The Financial Agreement shall also be affected by the following agreements concluded between the United Nations and the States, namely, an Agreement concluded on July 21, 1931, and an Agreement concluded on October 22, 1931, and by provisions other than clause 18 of the above-mentioned Agreement concluded on 3 July 1934 and by an agreement concluded on 11 September 1928 between the Commonwealth and the State of Tasmania.
NOW THIS AGHI£I1JMENT WITNESSETH:. This Agreement shall have no force or effect and shall not be binding on any party unless and until approved by the Parliaments of the Commonwealth and the States. The stated amount of each state's net public debt includes the state's debt secured by-. I.). Every appointment of a representative of a State must be communicated in writing by the State President to the Prime Minister.
Loans for defense purposes authorized by the Commonwealth Parliament shall not form part of the Commonwealth Loan Program or otherwise be subject to this Agreement. If the members of the Loan Council have not reached a unanimous decision in accordance with the last previous section on the distribution of the amount to be borrowed during a year, the amount to be borrowed during the year in question will be distributed as follows:-. (a) The Commonwealth shall, if it so wishes, be entitled. The Commonwealth shall guarantee that the State will fulfill all its obligations to bondholders in respect of the money so borrowed.
(3) If, after June 30, 1927, and before this Agreement has been approved by the Parliaments of the Commonwealth and of the States, any State has lent money in the name of the State and issued securities for the money so lent, Monies shall be for all purposes of this Agreement, including making contributions to the Rinking Fund, shall be deemed to be money borrowed by the Commonwealth for and on behalf of that State. The amount for which such new securities are issued shall be deemed to be money borrowed by the Commonwealth for and on behalf of the State. For the purposes of this clause, a counter sale of securities means the sale of securities made at the offices of the Commonwealth bank, and at such other places as the Loan Council may decide.
PART III
Amendment of the Financial Agreement Act, No. by the Commonwealth for and on behalf of that State. and shall assume, in respect of the debts so assumed, the obligations between the Commonwealth and the States to bondholders. 4) 'Where a loan is made for the conversion, renewal or redemption of a debt of a State forming part of the gross public debt of that State existing on 30 June 1927, these shall be the only contributions to the sinking fund made by the Commonwealth can be done. wealth and that state with respect to the debts so converted, renewed or repaid will reduce the fund contributions. 1944 · To amend the Financial Agreement Act, No. same rate and for the same period and for the same amount as if such debt had not been converted, renewed or repaid. per annum for every £100 of the amount of any new loan raised by a State or by the Commonwealth for and on behalf of a State after 30 June 1927.
All sinking fund contributions of the State in respect of that loan or part thereof shall cease on the expiry of the shorter period, but the Commonwealth contributions in respect of that loan shall continue for the remainder of the period of fifty-three years from the date of the collection of that Joan, and during the remainder of the period the State Contributions to the sinking fund in respect of other loans of that State shall be reduced by the amount of the Common Wealth Contributions during that remainder of the period in respect of such redeemed loan or the portion thereof. For the purposes of this sub-clause, the sinking fund contributions of the Commonwealth and the State are deemed to accumulate at the rate of 4t per cent per annum compounded. purposes of this sub-clause, the sinking fund contributions of the State are deemed to accumulate at the rate of H per cent per annum compounded.
The amount mentioned in sub-paragraph (i) of this paragraph next to the name of a State represents approximately the total on 1 July 1944 of the contributions to the sinking fund paid by the Commonwealth and that State under paragraph (a) of this subclause together with the accumulations of these contributions at a rate of 4 percent per annum. iii.). The provisions of sub-clause (18) of this article, which require the State to make further contributions to the sinking fund at the rate of 41 per unit per annum of the nominal value of a canceled security, shall not apply to or in respect of repurchased effects. or redeemed under this paragraph. In any year during the 39 year period; With effect from 1 July 1944, the Commonwealth and the State concerned shall each pay from the outset a contribution from the sinking fund, which in the case of the Commonwealth shall amount to 58.
In this paragraph and paragraphs (d) and (e) of this sub-clause, the amount of the special deficit loans of a State is taken to be the amount set out below against the name of that State. Hi) Sinking fund contributions made under this Agreement in respect of the debt of a State and funds of that State transferred to the National Debt Commission under sub-clause (13) of this clause shall not be accumulated but (subject to sub-clauses (14 ) ) and (17) of this clause) 'he shall have applied for the redemption of the public debts of that State and of loans contracted by the Commonwealth for and on behalf of that State, or for the purchase of bonds in respect of issued thereof. If any such sum is offered by the State to the National Debt Commission, and accepted by the National Debt Commission, for the purpose mentioned in paragraph (a) of this sub-clause but subject to one or both of the following conditions, namely. i.) that the amount will be used for the repurchase or redemption of certain securities specified by the. ii.) that sinking fund contributions from the Commonwealth and the State payable under sub-clause or (11) of this clause in respect of the amount represented by the repurchased or redeemed securities shall cease from the date of cancellation of those securities. that amount will be applied, and the condition or conditions will take effect accordingly.
When calculating the amount of annual installments, the interrupted part of the year is not taken into account. It is agreed that all questions between the Commonwealth and the States relating to State property transferred to or acquired by the Commonwealth under section 85 of the Constitution shall be settled as follows:-. a) The States shall from the 1st July, 1929, and between the Commonwealth and the States, be absolutely free and. 1944. exempted from all liability as to principal, interest or grant or otherwise, the liability being assumed by the Commonwealth in respect of so many of the public debts of the States, bearing interest at the rate of 5 per cent, per annum, assumed by the Commonwealth as aforesaid, amounting to the agreed value of the immovable property transferred, and otherwise distributed among several countries as follows:-.
The partial portion of the public debt of each State, for which the States are not respected, and which are exempted from liability, shall be determined by the Commonwealth.
PART IV.-MISCELLANEOUS
The Commonwealth will take the necessary steps to present to the Parliament of the Commonwealth and to the electorate proposals for the amendment of the Constitution of the Commonwealth in the following form:-. 34;105A (1) The Commonwealth may make agreements with the States in relation to the public debts of the States, including-. a) the taking over of such debts by the Commonwealth;. The proposals contained in Ciause 15 were submitted to the Parliament of the Commonwealth and to the electorate and were approved in accordance with the Constitution of the Commonwealth.
