Financial Agreements (Commonwealth Liability) Act 1932 (Cth)

Financial Agreements (Commonwealth Liability) Act 1932

Act No. 2 of 1932 as amended

This compilation was prepared on 23 March 2004 taking into account amendments up to Act No. 19 of 1979

The text of any of those amendments not in force on that date is appended in the Notes section

The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting, Attorney‑General's Department, Canberra

Contents 1 Short title [see Note 1] 2 Commencement 3 Interpretation 4 Assumption of liability by Commonwealth to bondholders 5 Regulations

Notes An Act to resolve doubts which have arisen as to the liability of the Commonwealth to bondholders in certain debts of the States taken over by the Commonwealth, and for other purposes

Preamble

WHEREAS by clause 1 of Part III of the Agreement set forth in the Schedule to the Financial Agreement Validation Act 1929 it was agreed that, subject to the provisions of that Part of the Agreement, the Commonwealth would take over on the first day of July One thousand nine hundred and twenty-nine:

(a) the balance then unpaid of the gross public debt of each State existing on the thirtieth day of June One thousand nine hundred and twenty-seven; and

(b) all other debts of each State existing on the first day of July One thousand nine hundred and twenty-nine for moneys borrowed by that State which by that Agreement were deemed to be moneys borrowed by the Commonwealth for and on behalf of that State;

and would in respect of debts so taken over assume as between the Commonwealth and the States the liabilities of the States to bondholders:

AND WHEREAS doubts have arisen as to the direct liability of the Commonwealth to bondholders in certain debts of the States so taken over by the Commonwealth: