PART VProvisions for securing the Continuance of the Carrying on, under the Auspices of a Director of Savings in Place of the Postmaster General, of certain financial Business

Replacement of the Postmaster General by the Director of Savings for the Purposes of the Post Office Savings Bank Acts 1954 and 1966, and Provisions consequential thereon

95Application of ordinary deposits

(1)

For section 16 of the Post Office Savings Bank Act 1954 (repayment of sums withdrawn by depositors, payment of expenses and investment of funds), there shall be substituted the following section:—

“(1)

There shall be paid out of ordinary deposits—

(a)

all sums referable to such deposits that are withdrawn by or on behalf of depositors ;

(b)

such sums as the Treasury may from time to time determine to be equal to those expended by the Director of Savings in the execution of this Act; and

(c)

the expenses incurred by the Commissioners in the execution of this Act.

(2)

The balance of ordinary deposits remaining after the repayment thereout of sums withdrawn by depositors shall, at such intervals as the Treasury may direct, be ascertained and paid to the Commissioners who shall, after deducting therefrom—

(a)

such sums as are mentioned in subsection (1)(b) above; and

(b)

such sums as are necessary to defray the expenses incurred by them in the execution of this Act;

invest it.

(3)

Sums deducted by the Commissioners in pursuance of subsection (2)(a) above shall be paid into the Consolidated Fund of the United Kingdom.”.

(2)

This section shall come into operation on the appointed day.