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Changes over time for: Section 41
Timeline of Changes
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Version Superseded: 26/03/2001
Status:
Point in time view as at 01/02/1991. This version of this provision has been superseded.
Status
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Changes to legislation:
There are currently no known outstanding effects for the Post Office Act 1969, Section 41.
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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.
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