Version No. 001 Commonwealth and States Financial Agreement Act 1927 Act No. 3554/1927




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Version No. 001

Commonwealth and States Financial Agreement Act 1927

Act No. 3554/1927

Version incorporating amendments as at 23 March 1998


table of provisions

Section Page



1. Short title 2

2. Commencement 3

3. Definitions 3

4. Approval of Agreement 3

5. Appropriation of consolidated revenue 3

6. Construction of Acts of Parliament of Victoria 3

7. Modifications etc. of Acts and enactments 4

9A. References to the Agreement 6

10. Power to transfer whole or part of moneys in Mallee Land Account to consolidated revenue 6

11. Power to redeem securities to credit of sinking funds etc. 6

12. Ratification of payments acts etc. 7

13. Investment of moneys in Commonwealth Government securities 7

__________________ 7

SCHEDULES 8

FIRST SCHEDULE 8

SECOND SCHEDULE 34

═══════════════ 35



ENDNOTES 36

1.General Information 36

2.Table of Amendments 37

3.Explanatory Details 38



Version No. 001

Commonwealth and States Financial Agreement Act 1927

Act No. 3554/1927

Version incorporating amendments as at 23 March 1998


An Act to approve an Agreement between the Commonwealth of Australia and the States of New South Wales, Victoria, Queensland, South Australia, Western Australia and Tasmania concerning the Adjustment of the Financial Relations of the Commonwealth and the said States, and to amend certain Acts, and for other purposes.


Preamble

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 the Commonwealth 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 of New South Wales Victoria Queensland South Australia Western Australia and Tasmania 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:

AND WHEREAS accordingly the Prime Minister of the Commonwealth of Australia, for and on behalf of the said Commonwealth, and the Premiers of the States of New South Wales, Victoria, Queensland, South Australia, Western Australia and Tasmania, for and on behalf of the said States respectively, have signed the Agreement a copy of which is set out in the First Schedule to this Act:

AND WHEREAS it is provided in the said Agreement that the said Agreement shall have no force or effect and shall not be binding on any party unless and until it is approved by the Parliaments of the Commonwealth and of the States:

AND WHEREAS it is desirable to approve and to provide for carrying out the said Agreement so far as it relates to Victoria:

AND WHEREAS it is expedient to amend certain Acts and to make provision with respect to other matters, as hereinafter in this Act provided:



BE IT THEREFORE ENACTED by the King's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1. Short title



s. 1

This Act may be cited as the Commonwealth and States Financial Agreement Act 1927.
2. Commencement

s. 2

(1) This Act shall come into force on a day to be fixed by proclamation of the Governor in Council published in the Government Gazette.

(2) The Governor in Council may not make such proclamation unless he is satisfied that the Parliament of the Commonwealth and the Parliament of each of the States of New South Wales, Queensland, South Australia, Western Australia and Tasmania have respectively passed an Act approving the Agreement.

3. Definitions

In this Act unless inconsistent with the context or subject-matter—



"Schedule" means Schedule to this Act;

"the Agreement" means the Agreement a copy of which is set out in the First Schedule.

4. Approval of Agreement

The Agreement is hereby approved.


S. 5
amended by No. 7452 s. 5(a).


5. Appropriation of consolidated revenue

The consolidated revenue is hereby appropriated to the extent necessary for the purposes of the carrying out of the Agreement on the part of Victoria.

6. Construction of Acts of Parliament of Victoria

All Acts and enactments of the Parliament of Victoria whether passed before or after the commencement of this Act (and in particular and without affecting the generality of the provisions of this section, the Acts and enactments specified in the Second Schedule) so far as they relate to matters or things provided for or contained in this Act or the Agreement shall be read and construed as subject to this Act and the Agreement and shall with such alterations modifications substitutions additions and omissions as are necessary have effect accordingly; and any payment required to be made under any such Act or enactment into any sinking fund redemption fund or fund of a like nature established in the Treasury of the State of Victoria shall be discontinued during the operation of the Agreement.

7. Modifications etc. of Acts and enactments


s. 7

(1) The Governor in Council may from time to time by proclamation repeal or amend suspend or modify in any manner whatsoever any Act or enactment or any Order in Council regulation rule by-law or other matter whether passed promulgated or made before on or after the commencement of this Act which may be considered necessary or convenient to so repeal, amend, suspend or modify in order to provide for the administration of this Act and the Agreement and the carrying into effect of the objects and purposes of this Act and the Agreement.

(2) The Governor in Council 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 Agreement or for carrying into effect the objects and purposes of this Act and the 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 Agreement or for carrying into effect the objects and purposes of this Act and the Agreement, providing for and supplying such omission or insufficiency.

(3) All proclamations and all regulations made under this section—

(a) shall be published in the Government Gazette;

(b) shall on from and after the date of publication thereof or from a date specified therein have the same force and effect as if they were enacted in and formed part of this Act; and

(c) shall be laid before both Houses of Parliament within fourteen days after the publication thereof if Parliament is then sitting and if Parliament is not then sitting then within fourteen days after the next meeting of Parliament.

(4) Any proclamation under this section may be repealed amended or modified by a like proclamation and any such proclamation as amended or modified shall take effect accordingly.


S. 8
amended by No. 4496 s. 6(1), repealed by No. 8843 s. 4.


* * * * *


S. 9
repealed by No. 8843 s. 4.


* * * * *


S. 9A
inserted by No. 7452 s. 5(b).


9A. References to the Agreement

s. 9A

References in sections 5 to 9 (both inclusive) shall be deemed to include references to the Agreement as defined in section 3 as amended by any subsequent agreement approved by the Parliament.
10. Power to transfer whole or part of moneys in Mallee Land Account to consolidated revenue

s. 10

Notwithstanding anything in section two hundred and thirty of the Land Act 1915 or in any other enactment, the whole or such parts as the Treasurer of Victoria thinks fit of the moneys standing to the credit of the Mallee Land Account may at any time be applied to recoup the consolidated revenue portion of the amount contributed annually out of the consolidated revenue to the National Debt Sinking Fund established under the laws of the Commonwealth.

11. Power to redeem securities to credit of sinking funds etc.

(1) Notwithstanding anything in any enactment relating to the application of any sinking fund redemption fund or fund of a like nature established in the Treasury of the State of Victoria the Treasurer of Victoria may apply such fund for the purpose of redeeming any securities whatever held on account of the fund.

(2) Where any such securities were standing to the credit of any such sinking fund redemption fund or fund of a like nature of the State of Victoria as on the thirtieth day of June One thousand nine hundred and twenty-seven interest shall not be payable or be deemed to have been payable thereon to the credit of the said fund after the said thirtieth day of June.

12. Ratification of payments acts etc.

All moneys paid by the Treasurer of Victoria and all acts matters or things done or performed on or after the first day of July One thousand nine hundred and twenty-seven in anticipation of the execution and approval of the Agreement and of the coming into operation of this Act are hereby approved ratified authorized confirmed and adopted and are and shall be valid and effectual for all purposes whatsoever.

13. Investment of moneys in Commonwealth Government securities


s. 13

Any reference in any Act or enactment enabling or requiring any moneys to be invested in Victoria Government securities shall be read and construed and have effect as if it enabled or required such moneys to be invested either in Victorian Government securities or in Commonwealth Government securities or in both kinds of securities.

__________________



Section 3.
SCHEDULES

FIRST SCHEDULE


Sch. 1


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).

Preamble

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:


Sch. 1 Pt 1 amended by Nos 4246 s. 3(Sch. item 18),
5051 s. 3(Sch. items 2–4, 7(1)(a)–(c)), 8843 s. 3(Sch. items 5–7, 10(a)(b)).

PART I

1. This Agreement as varied from time to time shall be known as "the Financial Agreement".



2. Definitions

(1) In this Agreement, unless the contrary intention appears—



"bondholder" means holder of any securities but does not include the Commonwealth;

"face value" means—

Sch. 1

(a) in relation to securities repayable in Australian currency, the principal amount, excluding any amount payable by way of premium, remaining to be repaid in respect of the securities;

(b) in relation to securities repayable in an overseas currency, the equivalent in Australian currency of the principal amount, excluding any amount payable by way of premium, remaining to be repaid in respect of the securities, converted at the Reserve Bank of Australia selling rate to the Australian Government at the time of conversion or at such rate as is agreed between the Commonwealth and the States;



"gross cost", in relation to the purchase of securities, means the amount actually paid for the securities, including interest, brokerage and commission, less any amount payable to the Commission;

"holder", in relation to securities, means owner of the securities according to the manner in which ownership of the securities is determined;

"net public debt", in relation to a State, means the public debt of the State less an amount equal to the sum of the balance standing to the credit of the State in the Sinking Fund;
"public debt", in relation to a State, means the aggregate of the face value of the securities issued or created by the State or issued or created in respect of the State in accordance with this Agreement that have not been purchased, redeemed or otherwise repaid or in respect of which the State has not otherwise been freed and discharged from liability;

"securities" means—

Inscribed Stock and Bonds

Instalment Stock

Registered Stock

Funded Stock

Stock payable to bearer

Special Bonds

Australian Savings Bonds

Debentures

issued or created by a State or issued or created in respect of a State;



Sch. 1

"the Commission" means the National Debt Commission continued in existence by the National Debt Sinking Fund Act 1966;

"the Loan Council" means the Australian Loan Council created in pursuance of this Agreement;

"the Sinking Fund" means the National Debt Sinking Fund referred to in sub-clause (1) of Clause 12A of this Agreement; and

"transferred properties" means the properties mentioned or specified in the Schedule of Transferred Properties signed by representatives of the Commonwealth and the States as revised to the 30th June 1927, being properties which became vested in the Commonwealth pursuant to section 85(i) of the Constitution of the Commonwealth.

(2) In this Agreement—

(a) a reference to a year is, unless the contrary intention appears, a reference to a financial year commencing on a 1st July;

(b) the expression "in writing" includes any mode of representing or reproducing words and figures in a written form; and

(c) except where inconsistent with the context, words in the singular include the plural and words in the plural include the singular.

3. Australian Loan Council

(1) (a) There shall be an Australian Loan Council which shall consist of one representative of the Commonwealth who shall be—

(i) the Prime Minister of the Commonwealth; or

(ii) in the absence of the Prime Minister at any time from a meeting of the Council—a Minister nominated in writing by the Prime Minister,

and one representative of each State who shall be—


Sch. 1

(iii) the Premier of that State; or

(iv) in the absence of the Premier at any time from a meeting of the Council—a Minister nominated in writing by the Premier of that State.

Provided that if, in the opinion of the Prime Minister or of any Premier of a State, special circumstances exist at any time which make it desirable so to do, the Prime Minister or the Premier, as the case may be, may nominate some other person to represent the Commonwealth or the State (as the case may be) as a member of the Loan Council.

(b) Any nomination of a substitute representative of the Commonwealth or of a State shall be tabled at the meeting of the Loan Council next succeeding the nomination.


(2) The member representing the Commonwealth on the Loan Council shall hold office during the pleasure of the Prime Minister of the Commonwealth and a member representing a State shall hold office during the pleasure of the Premier of the State which the member was appointed to represent.

(3) The member representing the Commonwealth shall be the Chairman of the Loan Council.

(4) A decision in which all the members for the time being of the Loan Council concur shall be a unanimous decision of the Loan Council notwithstanding any vacancy then existing in its membership.

(5) A meeting of the Loan Council may at any time be convened by the member representing the Commonwealth, and shall be so convened upon the request of at least three members representing States.

(6) A majority of the members of the Loan Council shall constitute a quorum of the Loan Council for the exercise of its powers at any meeting.


Sch. 1

Provided that—

(a) a member may at any time appoint in writing a deputy to act in his absence; and any deputy so appointed may in the absence of the member exercise all the powers and functions of the member and his presence shall be deemed the presence of the member; and

(b) an absent member who has not appointed a deputy may vote by letter or by telegram, and in such case that member shall be counted as being present in relation only to the questions on which he has voted.

(7) The Loan Council may make rules of procedure including rules relating to places, times, and notices of meetings, and conduct of business at meetings, and from time to time may alter such rules.

(8) The Commonwealth and each State will from time to time, while Part III of this Agreement is in force, submit to the Loan Council a programme setting forth the amount it desires to raise by loans during each financial year for purposes other than the conversion, renewal or redemption of existing loans or temporary purposes. Each programme shall state the estimated total amount of such loan expenditure during the year, and the estimated amount of repayments which will be available towards meeting that expenditure. Any revenue deficit to be funded shall be included in such loan programme, and the amount of such deficit shall be set out. Loans for Defence purposes approved by the Parliament of the Commonwealth shall not be included in the Commonwealth's loan programme or be otherwise subject to this Agreement.

(9) If the Loan Council decides that the total amount of the loan programme for the year cannot be borrowed at reasonable rates and conditions it shall decide the amount to be borrowed during the year, and may by unanimous decision allocate such amount between the Commonwealth and the States.

(10) If the members of the Loan Council fail to arrive at a unanimous decision under the last preceding sub-clause allocating the amount to be borrowed during any year, the amount to be borrowed during that year shall be allocated as follows—


Sch. 1

(a) the Commonwealth shall, if it so desires, be entitled to have one-fifth or any less proportion of such amount allocated to the Commonwealth; and

(b) each State shall be entitled to have allocated to it a sum (being a portion of the balance of such amount) bearing to the balance of such amount the same proportion which the net loan expenditure of that State in the preceding five years bears to the net loan expenditure of all the States during the same period.

Provided that any State may, if it so desires, have allocated to it a sum less than the sum to which it is entitled under this sub-clause or no sum, and that when a less sum or no sum has been allocated to any State or States in manner aforesaid the amount then remaining available for allocation shall be allocated to the other States in the proportion which the net loan expenditure of each of such other States in the preceding five years bears to the net loan expenditure of all such other States during the same period.

For the purposes of this sub-clause net loan expenditure does not include expenditure for the conversion, renewal, or redemption of loans, or for the funding of revenue deficits or to meet revenue deficits, or any specified amount or class of expenditure which the Loan Council by unanimous decision declares shall not be included, but means the gross other loan expenditure of a State less any amounts of such expenditure repaid to the State other than moneys repaid to the State in respect of loan moneys which have been advanced under terms providing for their repayment.

(11) If the total amount to be borrowed as aforesaid during any year is to be borrowed by means of more than one loan the Loan Council may by unanimous decision apportion between the Commonwealth and the States the amount to be borrowed by each such loan other than the loan by means of which the balance of the total amount to be borrowed as aforesaid during the year is borrowed.


Sch. 1

(12) If the members of the Loan Council fail to arrive at a unanimous decision under the last preceding sub-clause apportioning the amount to be borrowed as aforesaid by any loan the amount to be borrowed by that loan shall be apportioned between the Commonwealth and the States in proportion to the amount then to be borrowed as aforesaid for the Commonwealth and for each State during the year.

(12A) A decision of the Loan Council referred to in sub-clause (9) of this Clause may be varied and a decision provided for by sub-clause (11) may be made or varied, without a meeting of the Loan Council, by a resolution that is agreed to in writing by all members for the time being of the Loan Council.

(13) The Commonwealth and each State will also from time to time, while Part III of this Agreement is in force, submit to the Loan Council a statement setting out the amount it requires during each financial year for the conversion, renewal or redemption of existing loans.

(14) (a) If the members of the Loan Council fail to arrive at a unanimous decision on any matter other than the matters in respect of which unanimous decision is required by sub-clauses (9), (10) and (11) of this clause and sub-clause (2) of Clause 4 of this Agreement, the matter shall be determined by a majority of votes of the members;

(b) On every question for decision by the Loan Council the member representing the Commonwealth shall have two votes and a casting vote, and each member representing a State shall have one vote.

(15) A decision of the Loan Council in respect of a matter which the Loan Council is by this Agreement empowered to decide shall be final and binding on all parties to this Agreement.



Sch. 1

(16) In this Clause the expressions "Prime Minister" and "Premier" include the persons for the time being respectively acting as such.

(17) Where under sub-clause (1) of this Clause a Minister has been nominated by the Prime Minister or a Premier as a member of the Loan Council, the nomination shall be deemed to include another Minister of the Commonwealth or of the State, as the case may be, who is for the time being acting for the Minister nominated and references in this Clause to a member of the Loan Council shall be read so as to include a Minister who is so acting.



4. Future Borrowings of Commonwealth and States

(1) Except in cases where the Loan Council has decided under sub-clause (2) of this Clause that moneys shall be borrowed by a State, the Commonwealth, while Part III of this Agreement is in force, shall, subject to the decisions of the Loan Council and subject also to Clauses 5 and 6 of this Agreement, arrange for all borrowings for or on behalf of the Commonwealth or any State, and for all conversions, renewals, redemptions, and consolidations of the Public Debts of the Commonwealth and of the States.

(2) If at any time the Loan Council by unanimous decision so decides, a State may in accordance with the terms of the decision borrow moneys outside Australia in the name of the State, and issue securities for the moneys so borrowed. The Commonwealth shall guarantee that the State will perform all its obligations to bond holders in respect of the moneys so borrowed. For all the purposes of this Agreement, including the making of sinking fund contributions, the moneys so borrowed shall be deemed to be moneys borrowed by the Commonwealth for and on behalf of that State.

* * * * *

(4) While Part III of this Agreement is in force, moneys shall not be borrowed by the Commonwealth or any State otherwise than in accordance with this Agreement.

5. Borrowing by States


Sch. 1

(1) For any purpose (including the redemption of securities given or issued at any time for moneys previously borrowed or used in manner stated in this Clause) a State may, while Part III of this Agreement is in force—

(a) subject to any maximum limits decided upon by the Loan Council from time to time for interest, brokerage, discount and other charges, borrow moneys within the State from authorities, bodies, funds or institutions (including Savings Banks) constituted or established under Commonwealth or State law or practice and from the public by counter sales of securities; and

(b) use any public moneys of the State which are available under the laws of the State.

(2) Any securities that are issued for moneys so borrowed or used shall be Commonwealth securities, to be provided by the Commonwealth upon terms approved by the Loan Council.

(3) Where any such borrowing or use is solely for temporary purposes, the provisions of this Agreement, other than this Clause, shall not apply.

(4) Where any such borrowing or use is not solely for temporary purposes, and Commonwealth securities are issued in respect thereof, the moneys borrowed or used shall be deemed to be moneys borrowed by the Commonwealth for and on behalf of the State, and may be retained by the State. A State may convert securities given or issued at any time by that State for moneys previously borrowed or used in manner stated in this Clause. New securities issued on any such conversion shall be Commonwealth securities to be provided by the Commonwealth upon terms approved by the Loan Council. The amount for which such new securities are issued shall be deemed to be moneys borrowed by the Commonwealth for and on behalf of the State.

(5) If the moneys deemed under this Clause to be moneys borrowed by the Commonwealth on behalf of a State, together with the amounts raised by the Commonwealth for and on behalf of the State exceed the total amount of loan moneys decided upon by the Loan Council as the moneys to be raised for and on behalf of the State during the financial year in which the money is deemed to be borrowed, the excess shall, unless the Loan Council otherwise decides, be deemed to be moneys received by the State in the following year on account of its loan programme for that year.


Sch. 1

(6) For the purposes of this Clause counter sales of securities shall be deemed to mean sales of securities made at the offices of the State Treasury, and at such other places as may be decided upon by the Loan Council.

* * * * *

(8) Except in cases where the Loan Council has otherwise decided under sub-clause (2) of Clause 4 of this Agreement a State shall not have the right to invite loan subscriptions by the issue of a public prospectus.

(9) Notwithstanding anything contained in this Agreement, any State may use for temporary purposes any public moneys of the State which are available under the laws of the State, or may, subject to maximum limits (if any) decided upon by the Loan Council from time to time for interest, brokerage, discount and other charges, borrow money for temporary purposes by way of overdraft or fixed, special or other deposit, and the provisions of this Agreement other than this sub-clause shall not apply to such moneys.



6. Borrowing by Commonwealth

(1) For any purpose (including the redemption of securities given or issued at any time for moneys previously borrowed or used in manner stated in this Clause) the Commonwealth may, while Part III of this Agreement is in force—

(a) subject to any maximum limits decided upon by the Loan Council from time to time for interest, brokerage, discount and other charges, borrow moneys within the Commonwealth from authorities, bodies, funds or institutions (including Savings Banks) constituted or established under Commonwealth or State law or practice and from the public by counter sales of securities; and

(b) use any public moneys of the Commonwealth which are available under the laws of the Commonwealth.



Sch. 1

(2) Any securities that are issued for moneys so borrowed or used shall be Commonwealth securities, to be provided by the Commonwealth upon terms approved by the Loan Council.

(3) Where any such borrowing or use is solely for temporary purposes, the provisions of this Agreement, other than this Clause, shall not apply.

(4) Where any such borrowing or use is not solely for temporary purposes, and Commonwealth securities are issued in respect thereof, the moneys borrowed or used may be retained by the Commonwealth. The Commonwealth may convert securities given or issued at any time by the Commonwealth for moneys previously borrowed or used in manner stated in this Clause. New securities issued on any such conversion shall be Commonwealth securities to be provided by the Commonwealth upon terms approved by the Loan Council.

(5) If the moneys so borrowed or used are not borrowed or used solely for temporary purposes and Commonwealth securities are issued in respect thereof, and such moneys, together with other moneys borrowed by the Commonwealth for and on behalf of the Commonwealth as part of the total amount of loan moneys decided upon by the Loan Council as the moneys to be raised for and on behalf of the Commonwealth during the financial year in which the securities are issued, exceed such total amount the excess shall unless the Loan Council otherwise decides be deemed to be moneys received by the Commonwealth in the following year on account of its loan programme for that year.

(6) For the purposes of this Clause counter sales of securities shall be deemed to mean sales of securities made at the offices of the Commonwealth Treasury, and at such other places as may be decided upon by the Loan Council.

(7) Notwithstanding anything contained in this Agreement, the Commonwealth may use for temporary purposes any public moneys of the Commonwealth which are available under the laws of the Commonwealth or may, subject to maximum limits (if any) decided upon by the Loan Council from time to time for interest, brokerage, discount and other charges, borrow money for temporary purposes by way of overdraft or fixed, special or other deposit, and the provisions of this Agreement other than this sub-clause shall not apply to such moneys.



Sch. 1

* * * * *

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