Document ID: chunk:federal_register_of_legislation:C1929A00004:section:2:p21
Version: federal_register_of_legislation:C1929A00004
Segment Type: section
Provision Reference: s 2 (pt 21/22)
Character Range: 53868–56545

with a loan of that State existing on the 30th June, 1927, or raised thereafter pursuant to this Agreement which if done by that State would be a breach of any now existing agreement by that State with any Bank.
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.

2.  ALTERATION  OF  THE  CONSTITUTION
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(4) Any such agreement may be varied or rescinded by the parties thereto.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."

3.  INDEMNITY
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 taken over by the Commonwealth as aforesaid (other than the liabilities of the Commonwealth under this Agreement to pay interest and to make sinking fund contributions and under clause 4 of Part III of this Agreement), and in respect of all loans of that State in respect of which this Agreement provides that sinking fund contributions shall be made.

4.  ACCOUNTS
Separate