Document ID: chunk:federal_register_of_legislation:C2014C00538:section:8:p2
Version: federal_register_of_legislation:C2014C00538
Segment Type: section
Provision Reference: s 8 (pt 2/15)
Character Range: 6287–9049

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