Extension of System of pooling Telegraph Revenue
9Extension of power of Postmaster General to make pooling arrangements.
(1)
The arrangement made, by virtue of subsection (4) of section one of the Imperial Telegraphs Act, 1938, by the Postmaster General with the operating company may be wound up on such date as may be agreed between the Postmaster General and the operating company, and the Postmaster General may from time to time make with the operating company, or with the operating company and its subsidiaries or any of them, arrangements whereby—
(a)
an account is from time to time prepared of sums received and paid by the parties to the arrangements in respect of telegrams transmitted to or from places outside the United Kingdom or any class of such telegrams; and
(b)
such payments are from time to time made by those parties as are necessary to secure that the excess of the aggregate of the sums received by them in respect of such telegrams as aforesaid or that class thereof, as the case may be, over the aggregate of the sums paid by them in respect thereof is shared between them in such proportions as may be specified by or under the arrangements.
(2)
Payments made by virtue of the foregoing subsection by the Postmaster General shall be treated as payments which may be deducted from the gross revenue of the Post Office before that revenue is paid into the Exchequer.
(3)
In this section the expression " subsidiaries ", in relation to the operating company, means bodies corporate which are subsidiaries thereof within the meaning of section one hundred and fifty-four of the Companies Act, 1948, and the expression "telegram" has the same meaning as in the Telegraph Act, 1869.