Financial Agreement (Amendment) Act 1966 (WA)

1966.] Financial Agreement [No. 48.

(Amendment).

FINANCIAL AGREEMENT

(AMENDMENT).

No. 48 of 1966.

AN ACT to approve an Agreement to amend the Financial Agreement, and for incidental pur- poses.

[Assented to 21st November, 1966.]

BE it enacted by the Queen's Most ExcellentMajesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

1.    This Act may be cited as the Financial Agree- Short title.

anent (Amendment) Act, 1966.

Interpre-

2. In this Act— tation.

"Financial Agreement" means the Agreement

set forth in the Schedule to the Financial

Agreement Act, 1928, as amended by

No. 48.] Financial Agreement [1966.

(Amendment).

subsequent agreements approved by Parliament prior to the coining into operation of this Act.

Approval of

Agreement. 3. The Agreement amending the Financial Agreement, made on the eleventh day of February, One thousand nine hundred and sixty-six, a copy of which is set out in the Schedule to this Act is approved.

Section 3. SCHEDULE.

AGREEMENT made the eleventh day of February, One thousand nine hundred and sixty-six 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 QUEENS- LAND 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" in this Agreement meaning, where the context so permits or requires, all of those parties.

WHEREAS an Agreement was made on the twelfth day of December, One thousand nine hundred and twenty-seven, between the parties to this Agreement with respect to the public debts of the States:

AND WHEREAS that Agreement has been varied by the following Agreements made pursuant to section 105A of the Constitution of the Commonwealth between the parties to this Agreement, namely, an Agreement made the third day of July, One thousand nine hundred and thirty-four, a copy of which is set forth in the Schedule to the Soldier Settle- ment Loans (Financial Agreement) Act 1935 of the Commonwealth, and an Agreement made the fifteenth day of November, One thousand nine hundred and forty-four, a copy of which is set forth in the Schedule to the Financial Agreement Act 1944, which Agreements are in this Agree- ment referred to as "the amending Agreements":

AND WHEREAS the Currency Act 1965 of the Common- wealth provides for the introduction of a system of currency in which the denominations of moneys are to be the dollar and the cent:

1966. ] Financial Agreement [No. 48.

(Amendment).

NOW IT IS HEREBY AGREED as follows:-

1. This Agreement shall come into force on the fourteenth day of February, One thousand nine hundred and sixty-six, being the date on which section 8 of the Currency Act 1965 of the Commonwealth is to come into operation.

2. In this Agreement, "the Financial Agreement" means the Agreement made on the twelfth day of December, One thousand nine hundred and twenty-seven, between the parties to this Agreement, as varied by the amending Agreements.

3. The Financial Agreement is amended as set out in the Schedule to this Agreement.

4. The Financial Agreement is further amended by adding after clause 17 the following clause:—

DECIMAL CURRENCY.

18.—(1.) A reference to an amount of money stated in this Agreement in the currency provided for by the Coinage Act 1909-1947 of the Common- wealth that is immediately followed in parenthesis by a reference to an amount of money in the currency provided for by the Currency Act 1965 of the Commonwealth shall, for the purposes of the operation of this Agreement on and after 14th February, 1966, be read as a reference to the amount of money stated in the currency provided for by the Currency Act 1965 of the Commonwealth immedi- ately so following.

(2) In relation to the references in sub-clauses (5.) and (6.) of clause 12 of this Agreement to "£100 ($200)", sub-clause (1.) of this clause applies only in relation to new loans raised by a State or by the Commonwealth for and on behalf of a State on or after 14th February, 1966.

(3.) For the purposes of the operation of sub- clause (10.) of clause 3 and sub-clause (21.) of clause 12 of this Agreement on and after 14th February, 1966, the equivalent in the currency provided for by the Currency Act 1965 of the Commonwealth of One pound in the currency provided for by the Coinage Act 1909-1947 of the Commonwealth is Two dollars, the like equivalent of One shilling is Ten cents and the like equivalent of One penny is Five-sixths of a cent.

No. 48.] Financial Agreement [1966.

(Amendment).

(4.) A reference in this clause to the Currency Act 1965 of the Commonwealth includes a reference to that Act as amended by any other Act of the Parliament of the Commonwealth. .

Clause 3. THE SCHEDULE.

AMENDMENTS OF THE FINANCIAL AGREEMENT

CONSEQUENTIAL ON THE INTRODUCTION

OF DECIMAL CURRENCY.

Provision

amended. Amendment.

Clause 11 Omit from sub-clause (2.)-

"£2,917,411

2,127,159

1,096,235

703,816

473,432

266,859

£7,584,912",

insert

"£2,917,411 ($5,834,822)

2,127,159 ( 4,254,318)

1,096,235 ( 2,192,470)

703,816 ( 1,407,632)

473,432 ( 946,864)

266,859 ( 533,718)

£7,584,912 ($15,169,824)".

Clause 12 Omit from sub-clause (1.) "7s. 6d.", insert "7s. 6d.

(75 cents)".

Omit from sub-clause (2.) "2s. 6d." and "5s" (where- ever occurring), insert "2s. 6d. (25 cents)" and "5s. (50 cents)", respectively.

Omit from sub-clause (3.) "7s. 6d." (wherever occur-

ring), insert "7s. 6d. (75 cents)".

Omit from sub-clause (5.) "10s." and "£100", insert

"10s. ($1.00)" and "£100 ($200)", respectively.

Omit from sub-clause (6.) "5s." and "8100", insert

"5s. (50 cents)" and "£100 ($200)", respectively.

Omit from paragraph (c) of sub-clause (11.) "5s." and "15s.", insert "5s. (50 cents)" and "15s. ($1.50)", respectively.

IN WITNESS whereof the Prime Minister of the

Commonwealth of Australia and the Premier of each of

the States of New South Wales, Victoria, Queensland, South

1966. ] Financial Agreement [No. 48.

(Amendment).

Australia, Western Australia and Tasmania have signed this Agreement respectively for and on behalf of the Commonwealth of Australia and of the said States.

SIGNED by the Prime Minister of 1

the Commonwealth of Australia

for and on behalf of the said

Commonwealth in the presence	HAROLD HOLT
of

F. JENNINGS

SIGNED by the Premier of the State of New South Wales for and on behalf of the said State in the R. W. ASKIN

presence of

A. J. OLIVER

SIGNED by the Premier of the State of Victoria for and on behalf of the said State in the HENRY E. BOLTE

presence of

E. W. COATES

SIGNED by the Premier of the

State of Queensland for and on

behalf of the said State in the GORDON W. CHALK

presence of Acting Premier

J. A. SEWELL

SIGNED by the Premier of the

State of South Australia for and

on behalf of the said State in the	FRANK WALSH
presence of

G. F. SEAMAN

SIGNED by the Premier of the

State of Western Australia for

and on behalf of the said State	DAVID BRAND
in the presence of

P. N. THORNBER

SIGNED by the Premier of the

State of Tasmania for and on

behalf of the said State in the	ERIC REECE
presence of

K. J. BINNS