Document ID: chunk:federal_register_of_legislation:C1929A00004:section:2:p1
Version: federal_register_of_legislation:C1929A00004
Segment Type: section
Provision Reference: s 2 (pt 1/22)
Character Range: 4151–6869

2  Validation of Agreement
  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.

The Schedule
AGREEMENT made the twelfth day of December One thousand nine hundred and twenty-seven BETWEEN THE COMMONWEALTH OF AUSTRALIA (in this Agreement called the Commonwealth) 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 SOUTH AUSTRALIA of the fifth part, THE STATE OF WESTERN AUSTRALIA of the sixth part, and THE STATE OF TASMANIA of the seventh part (each of the parties of the second, third, fourth, fifth, sixth, and seventh parts being in this Agreement referred to as a State and the expression "the States" hereinafter used meaning where the context so permits or requires all of such parties).
WHEREAS with a view to making provision for the adjustment of Commonwealth and State financial relations the general principle of a draft scheme was affirmed by a Conference of Commonwealth and State Ministers in Melbourne which commenced on the sixteenth day of June One thousand nine hundred and twenty-seven;
  AND WHEREAS permanent effect cannot be given to the proposals contained in the said scheme unless the Constitution of the Commonwealth is altered so as to confer on the Parliament of the Commonwealth power to make laws for carrying out or giving permanent effect to such proposals;
  AND WHEREAS pending the submission to the electors of a proposed law for the alteration of the said Constitution as aforesaid and in order to obtain immediately some of the advantages which would result from united action by adoption of the said scheme the Commonwealth and the States have agreed that for the period commencing on the first day of July One thousand nine hundred and twenty-seven