Transferred Properties. It is agreed that all questions between the Commonwealth and the States relating to State properties transferred to the Commonwealth or acquired by the Commonwealth under section 85 of the Constitution shall be settled as follows: — The State will as from 1st July, 1929, and as between the Commonwealth and the States be completely free and discharged from all liability whether in respect of principal, interest or sinking fund, or otherwise, which liability shall be assumed by the Commonwealth in respect of so much of the public debts of the States bearing interest at the rate of 5 per centum per annum, taken over by the Commonwealth as aforesaid as amounts to the agreed value of transferred properties, namely, £10,924,323, apportioned to the several States as follows: — £ New South Wales . . . . . . . . . . . . . . . . 4,788,005 Victoria . . . . . . . . . . . . . . . . . . . . . . . . 2,302,862 Queensland . . . . . . . . . . . . . . . . . . . . . 1,560,639 South Australia . . . . . . . . . . . . . . . . . . 1,035,631 Western Australia . . . . . . . . . . . . . . . . 736,432 Tasmania . . . . . . . . . . . . . . . . . . . . . . . 500,754 ————— The particular portion of the public debt of each State in respect of which the States shall become free and discharged from liability shall be determined by the Commonwealth. Each State will issue to the Commonwealth freehold titles (or, if the laws of any State do not permit of the issue of freehold titles, then titles as near to freehold as the laws of that State will permit) for transferred properties consisting of land or interest in land in that State, and all liability of the Commonwealth to the State in respect of transferred properties shall as from the 1st July, 1929, be extinguished. The provisions of clauses 2 and 3 of this Part of this Agreement shall not apply to the said amount of £10,924,323.
Appears in 1 contract
Sources: Financial Agreement
Transferred Properties. It is agreed that all questions between the Commonwealth and the States relating to State properties transferred to the Commonwealth or acquired by the Commonwealth under section 85 of the Constitution shall be settled as follows: — The State will as from 1st July, 1929, and as between the Commonwealth and the States be completely free and discharged from all liability whether in respect of principal, interest or sinking fund, or otherwise, which liability shall be assumed by the Commonwealth in respect of so much of the public debts of the States bearing interest at the rate of 5 per centum per annum, taken over by the Commonwealth as aforesaid as amounts to the agreed value of transferred properties, namely, £10,924,323, apportioned to the several States as follows: — £ New South Wales . . . . . . . . . . . . . . . . 4,788,005 Victoria . . . . . . . . . . . . . . . . . . . . . . . . 2,302,862 Queensland . . . . . . . . . . . . . . . . . . . . . 1,560,639 South Australia . . . . . . . . . . . . . . . . . . 1,035,631 Western Australia . . . . . . . . . . . . . . . . 736,432 Tasmania . . . . . . . . . . . . . . . . . . . . . . . 500,754 ————— The particular portion of the public debt of each State in respect of which the States shall become free and discharged from liability shall be determined by the Commonwealth. Each State will issue to the Commonwealth freehold titles (or, if the laws of any State do not permit of the issue of freehold titles, then titles as near to freehold as the laws of that State will permit) for transferred properties consisting of land or interest in land in that State, and all liability of the Commonwealth to the State in respect of transferred properties shall as from the 1st July, 1929, be extinguished. The provisions of clauses 2 and 3 of this Part of this Agreement shall not apply to the said amount of £10,924,323.736,432
Appears in 1 contract
Sources: Financial Agreement