Financial Agreements (Commonwealth Liability) Act 1932

Here is a brief overview of the Financial Agreements (Commonwealth Liability) Act 1932:

The Financial Agreements (Commonwealth Liability) Act 1932 aims to resolve doubts about the Commonwealth's liability to bondholders in certain debts taken over by the Commonwealth from the States. The Act, which came into force on January 1, 1931, provides that the Commonwealth will assume liability for the debts and pay interest and principal to bondholders.

The Act defines "bondholder" as an owner of various types of securities issued by a State or its predecessor, but excludes the Commonwealth itself. It also establishes that the Commonwealth will be liable for payments made in satisfaction of debt, and provides for the recovery of moneys due from a State.

The Act allows the Governor-General to make regulations prescribing matters required or permitted to be prescribed under the Act, including penalties for contravention of those regulations. The Financial Agreements (Commonwealth Liability) Act 1932 is an important piece of legislation that addresses the liability of the Commonwealth in certain debts taken over from the States.

Note: This summary is based on a document provided and may not reflect any subsequent changes or amendments made to the Act.