Document ID: chunk:federal_register_of_legislation:C1929A00004:section:2:p20
Version: federal_register_of_legislation:C1929A00004
Segment Type: section
Provision Reference: s 2 (pt 20/22)
Character Range: 50991–54079

Commission interest on the face value of each repurchased security at the rate provided by the security from the last date preceding the repurchase upon which interest was payable under the terms of the security up to the date of cancellation of the security.

4. TRANSFERRED PROPERTIES
It is agreed that all questions between the Commonwealth and the States relating to State properties transferred to the Commonwealth or acquired by the Commonwealth under section 85 of the Constitution shall be settled as follows:-
The States will as from 1st July, 1929, and as between the Commonwealth and the States be completely free and discharged from all liability whether in respect of principal, interest or sinking fund, or otherwise, which liability shall be assumed by the Commonwealth in respect of so much of the public debts of the States bearing interest at the rate of 5 per centum per annum, taken over by the Commonwealth as aforesaid as amounts to the agreed value of transferred properties, namely, £10,924,323, apportioned to the several States as follows:-

 New South Wales………………………….£4,788,005
 Victoria……………………..………………2,302,862
 Queensland…………………………………1,560,639
 South Australia……………………………..1,035,631
 Western Australia…………………………….736,432
 Tasmania……………………………………...500,754
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                Total……………………………£10,924,323
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The particular portion of the public debt of each State in respect of which the States shall become free and discharged from liability shall be determined by the Commonwealth.
Each State will issue to the Commonwealth freehold titles (or, if the laws of any State do not permit of the issue of freehold titles, then titles as near to freehold as the laws of that State will permit) for transferred properties consisting of land or interests in land in that State, and all liability of the Commonwealth to the State in respect of transferred properties shall as from the 1st July, 1929, be extinguished.
The provisions of clauses 2 and 3 of this Part of this Agreement shall not apply to the said amount of £10,924,323.

PART  IV-MISCELLANEOUS

1.  EXPENSES  OF  LOAN  FLOTATION
Each State 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 including the following expenses and payments:-
(i) Loan flotation charges;
(ii) Management charges;
(iii) Stamp duties on transfer of securities;
(iv) Commission on payment of interest;
(v) Expenses incurred in the conversion renewal redemption or consolidation of loans;
(vi) Exchange on transference of moneys.
Unless it is otherwise agreed between the Commonwealth and a State the Commonwealth will not do anything in connexion 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.