The 1927 Financial Agreement, apart from establishing a new grants regime, provided for commonwealth assistance in state debt reduction and, most importantly, established the Loan Council. Henceforth all governmental borrowing, except for purposes of defence, was to be under Loan Council control. Due to doubts concerning the constitutionality of this new body, it was agreed that its legality would be put beyond doubt by the insertion of a new provision, Section 105A, into the Finance and Trade Chapter of the Constitution. The amendment was carried by a large majority of voters, and in all six states.