Post Office Act 1969

Finance U.K.

31, 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1 U.K.

Textual Amendments

F1 Ss. 31, 32, 34 repealed by British Telecommunications Act 1981 (c. 38), Sch. 6 Pt. I

33 The Post Office’s commencing capital debt. U.K.

(1) The Post Office shall, on the appointed day, assume a debt due to the Minister whereof the amount shall (subject to the effect of any direction given under section 17 of this Act) be the excess of the aggregate of the following amounts:—

(a) so much of advances made under section 9 of the M1 Post Office Act 1961 by the Treasury to the Postmaster General as remains outstanding immediately before that day; and

(b) so much of the amount referred to in section 13(2) of that Act as remains outstanding immediately before that day;

over the aggregate of—

(i) the net book value of all chattels and corporeal moveables which, immediately before the appointed day, are used, or appropriated for use, by the Postmaster General, being chattels and corporeal moveables that do not, by virtue of section 16 of this Act, vest in the Post Office and in the provision of which the Postmaster General has incurred expenditure treated by him as capital expenditure; and

(ii) the aggregate of the sums of which, under the following provisions of this Act, the Post Office is entitled to credit for the purposes of this section.

(2) The rate of interest on the said debt and the date from which interest is to begin to accrue, the arrangements for paying off the principal of the said debt, and the other terms of the said debt shall be such as the Minister, with the approval of the Treasury, may from time to time determine; and different rates and dates may be determined under this subsection with respect to different portions of the said debt.

(3) Any sums received by the Minister by way of interest on, or repayment of, the said debt shall be paid into the National Loans Fund.

(4) In this section “net book value” means, in relation to chattels and corporeal moveables, the value thereof (after deducting depreciation) as shown in the books by reference to which the final statement of accounts under section 12 of the M2 Post Office Act 1961 is prepared.

Marginal Citations

M1 1961 c. 15.

M2 1961 c. 15.

34 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F2 U.K.

Textual Amendments

F2 Ss. 31, 32, 34 repealed by British Telecommunications Act 1981 (c. 38), Sch. 6 Pt. I

35, 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F3 U.K.

Textual Amendments

F3 Ss. 35, 36, 42 repealed by British Telecommunications Act 1981 (c. 38), Sch. 6 Pt. II

37 Loans by the Minister to the Post Office. U.K.

(1) The Minister may, with the approval of the Treasury, lend to the Post Office any sums which it has power to borrow under [F4 section 73(1) or (2) of the M3 British Telecommunications Act 1981].

(2) Any loans which the Minister makes under this section shall be repaid to him at such times and by such methods, and interest thereon shall be paid to him at such rates and at such times, as he may, with the approval of the Treasury, from time to time direct.

(3) The Treasury may issue out of the National Loans Fund to the Minister such sums as are necessary to enable him to make loans under this section.

(4) Any sums received under subsection (2) above by the Minister shall be paid into the National Loans Fund.

Textual Amendments

F4 Words substituted by British Telecommunications Act 1981 (c. 38), Sch. 3 para. 51(3)

Marginal Citations

M3 1981 c. 38.

38 Treasury guarantees. U.K.

(1) The Treasury may guarantee, in such manner and on such conditions as they may think fit, the repayment of the principal of, [F5 the payment of interest on and the discharge of any other financial obligation in connection with], any sums which the Post Office borrows from a person other than the Minister.

(2) Immediately after a guarantee is given under this section, the Treasury shall lay a statement of the guarantee before each House of Parliament; and where any sum is issued for fulfilling a guarantee so given the Treasury shall, as soon as possible after the end of each financial year, beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest thereon is finally discharged, lay before each House of Parliament a statement relating to that sum.

(3) Any sums required by the Treasury for fulfilling a guarantee under this section shall be charged on and issued out of the Consolidated Fund.

(4) If any sums are issued in fulfilment of a guarantee given under this section, the Post Office shall make to the Treasury, at such times and in such manner as the Treasury may from time to time direct, payments, of such amounts as the Treasury may so direct, in or towards repayment of the sums so issued and payments of interest on what is outstanding for the time being in respect of sums so issued at such rate as the Treasury may so direct.

(5) Any sums received under the last foregoing subsection by the Treasury shall be paid into the Consolidated Fund.

Textual Amendments

F5 Words substituted by Miscellaneous Financial Provisions Act 1983 (c. 29, SIF 29), s. 4(1), Sch. 2

39 Accounts of the Minister with reference to Post Office indebtedness to him. U.K.

The Minister shall, as respects each financial year, prepare in such form and manner as the Treasury may direct, an account of sums received by him as mentioned in section 33(3) of this Act, of sums received by him under subsection (2) of section 37 of this Act F6 of sums issued to him under subsection (3) of that section [F7 and of sums paid or received by him under the M4 Post Office (Banking Services) Act 1976] and of the disposal by him of those sums respectively, and send it to the Comptroller and Auditor General not later than the end of November following the year; and the Comptroller and Auditor General shall examine, certify and report on the account and lay copies of it, together with his report, before each House of Parliament.

Textual Amendments

F6 Word repealed by Post Office (Banking Services) Act 1976 (c. 10), s. 5

F7 Words inserted by Post Office (Banking Services) Act 1976 (c. 10), s. 5

Modifications etc. (not altering text)

C1 S. 39 applied (22.3.2001) by S.I. 2001/1148, art. 12 (with art. 34)

Marginal Citations

M4 1976 c. 10.