Financial Agreement Act 1928

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on 30 June 1927, as sinking fund investments under the General Loan and Inscribed Stock Act 1910 ², or any Act thereby repealed, shall by force of this Act, if and when Part III of the said agreement shall come into force and effect, be cancelled as from the said 30 June, and the public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.

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provided, be suspended, and if and when Part III of the said agreement shall come into force and effect shall be superseded by the sinking fund contributions payable under the said agreement; but if Part III of the said agreement shall not come into force and effect, all suspended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trustees of the sinking funds established under the General Loan and Inscribed Stock Act 1910 ², and any Act thereby repealed, from all responsibility in respect thereof, arising from the provisions of the said agreement or of this Act.