(1)If the Secretary of State so directs, the Post Office company shall be taken to have assumed a debt to the Secretary of State of such amount as may be specified in the direction.
(2)The terms of any such debt, including the terms as to the payment of interest and repayment, shall be such as the Secretary of State may from time to time determine.
(3)The Post Office company shall issue such debt securities of the company as the Secretary of State may direct; and any such securities shall, as the Secretary of State may direct, be issued to the Treasury or the Secretary of State.
(4)Debt securities to be issued in pursuance of subsection (3) shall be issued at such time or times, and on such terms, as the Secretary of State may direct.
(5)Subsections (3) and (4) are without prejudice to any power conferred by section 63.
(6)The Secretary of State may by order repeal this section.
(7)The Secretary of State—
(a)shall not exercise any power under this section without the consent of the Treasury or before the appointed day, and
(b)shall, before exercising any such power (other than the power under subsection (6)), consult the Post Office company.
(8)In this Part “debt securities” means any instrument creating or acknowledging indebtedness which is issued by a company including, in particular, debentures, loan stock, bonds and certificates of deposit.
Modifications etc. (not altering text)
C1S. 74(8) extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), reg. 1(1), Sch. 2 para. 8(2)(i)