1Short title
This Act may be cited as the Financial Agreement Act 1928 1.
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Bill homepageThis Act may be cited as the Financial Agreement Act 1928 1.
The agreement, a copy of which is set forth in the Schedule (hereinafter referred to as the said agreement) is hereby approved.
All inscribed stock and debentures of this State held on 30 June 1927, as sinking fund investments under the General Loan and Inscribed Stock Act 1910 2, or any Act thereby repealed, shall by force of this Act, if and when Part III of the said agreement shall come into force and effect, be cancelled as from the said 30 June, and the public debt shall to that extent be redeemed, and payment of interest and sinking fund contributions on and in respect of such cancelled securities shall, as from the said 30 June, cease.
For the purposes of this subsection, inscribed stock or debentures of this State in which the proceeds of the sale of any other inscribed stock or debentures held on the said date as sinking fund investments may thereafter be or have been invested, shall be deemed to be inscribed stock or debentures of this State held as aforesaid on the said date.
All sinking fund contributions payable after 30 June 1927, under and at the rate prescribed by the General Loan and Inscribed Stock Act 1910 2, or any other Act, for investment by the trustees appointed in London under the said Act in respect of any public debt of the State shall, subject as hereinafter provided, be suspended, and if and when Part III of the said agreement shall come into force and effect shall be superseded by the sinking fund contributions payable under the said agreement; but if Part III of the said agreement shall not come into force and effect, all suspended interest and sinking fund contributions shall be paid by the State to the trustees forthwith.
This section shall not apply to loans domiciled with the Crown agents for the Colonies, or to the 5% inscribed stock for £140 000 maturing on 19 February 1936.
As from the date of the commencement of the operation of Part II of the said agreement, paragraphs (a) and (d) of the proviso to section 6, and the words “so long as the currency of 30 years is not exceeded” in paragraph (c) of such proviso, and the second paragraph of section 9 of the Treasury Bonds Deficiency Act 1916 2, as thereby enacted and as incorporated with the Treasury Bonds Deficiency Acts of 1918 2, 1918(2) 2, 1919 2, 1920 2, and 1924 2, and also section 14 of the Land Act Amendment Act 1909 3, and section 9 of the Land Act Amendment Act 1915 3, shall be suspended during the period fixed for the operation of Part II of the said agreement, and as from the time that Part III of the said agreement shall come into force the same shall cease to have effect.
The State shall indemnify the trustees of the sinking funds established under the General Loan and Inscribed Stock Act 1910 2, and any Act thereby repealed, from all responsibility in respect thereof, arising from the provisions of the said agreement or of this Act.
As from the date of the commencement of the operation of Part II of the said agreement, the provisions of the Sale of Government Property Act 1907 4, shall be suspended during the period fixed for the operation of Part II of the said agreement, and as from the time that Part III of the said agreement shall come into force the same shall cease to have effect, subject to subsections (2) and (3).
[(2), (3) deleted]
[Section 4 amended: No. 98 of 1985 s. 3; No. 92 of 1990 s. 39(1).]
5. Construction of Acts of W.A.
All Acts of the Parliament of Western Australia, whether passed before or after the commencement of this Act, so far as they relate to matters or things provided for or contained in this Act or the said agreement, shall be read and construed as subject to this Act and the said agreement, and shall, with such alterations, modifications, substitutions, additions, and omissions as are necessary, have effect accordingly.
The Governor may, by Order in Council published in the Gazette, suspend, repeal or amend, or modify in any manner whatever any Order in Council or Regulation, whether promulgated or made before or after the commencement of this Act, which it may be considered necessary or convenient to suspend, repeal, amend, or modify, in order to provide for the administration of this Act and the said agreement, and the carrying into effect of the objects and purposes of this Act and the said agreement.
Any Order in Council under this section may be repealed, amended, or modified by a like Order in Council, and any such Order in Council as amended or modified shall take effect accordingly.
The Consolidated Account is hereby appropriated for the purposes of this Act, and to the extent necessary for carrying into effect the said agreement on the part of this State.
[Section 7 amended: No. 6 of 1993 s. 11; No. 77 of 2006 s. 4.]
The Governor may from time to time make regulations providing for all or any purposes (either generally or to meet particular cases) necessary or convenient for the administration of this Act and the said agreement, or for carrying into effect the objects and purposes of this Act and the said agreement; and where there is in this Act no provision or no sufficient provision in respect of any matter or thing necessary or expedient for the administration of this Act or the said agreement, or for carrying into effect the objects and purposes of this Act and the said agreement, providing for and supplying such omission or insufficiency.
Any reference in any Act enabling or requiring any moneys to be invested in Western Australian Government securities, shall be read and construed and have effect as if it enabled or required such moneys to be invested either in Western Australian Government securities or in Commonwealth Government securities, or in both kinds of securities.
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 and ending on the thirtieth day of June One thousand nine hundred and twenty‑nine certain of the proposed provisions of the said scheme shall be temporarily adopted:
NOW THIS AGREEMENT WITNESSETH:
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