Post Office Act 1969 (c. 48)

Part III U.K. The new Authority for the Conduct of postal and telegraphic Business

Modifications etc. (not altering text)

C1 Pt. III (ss. 6–88) amended by Local Government Act 1985 (c. 51, SIF 81:1), s. 57(7), Sch. 13 para. 13(c)

Banking U.K.

40 The Post Office as banker. U.K.

So far as regards the provision by it, in exercise of the power conferred on it by virtue of section 7(1)(b) of this Act, of a banking service, the Post Office shall be deemed for all purposes to be a bank and a banker and to be carrying on the business of banking and a banking undertaking, F1

Textual Amendments

F1 Words repealed by Banking Act 1979 (c. 37), Sch. 7

41 The Post Office’s liabilities as banker to be matched by cash and liquid assets. U.K.

So long as the Post Office provides, in exercise of the power conferred on it by virtue of section 7(1)(b) of this Act, a banking service, it shall be its duty to secure that, at every point of time in any period,—

(a) such proportion of the aggregate of the sums owed at that point of time by it to persons in the capacity of customers of its with reference to that service as has previously been determined, in relation to that period, by it with the approval of the Treasury, is matched by assets of its of one or more of the classes specified in Part I of Schedule 2 to this Act; and

(b) the residue of that aggregate is matched by assets of its of one or more of the classes specified in Part II of that Schedule.

42 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F2 U.K.

Textual Amendments

F2 Ss. 35, 36, 42 repealed by British Telecommunications Act 1981 (c. 38), Sch. 6 Pt. II