Section 4 Reduction of capital debt of Post Office.

United Kingdom

(1)

The liability of the Post Office in respect of—

(a)

the commencing capital debt assumed by it under section 33(1) of the M1Post Office Act 1969; and

(b)

any debt incurred by it before 1st April 1975 under section 35(2) of that Act (power to borrow for purposes for which capital moneys are properly applicable);

is hereby reduced by £29·7 million; and accordingly the assets of the National Loans Fund are hereby reduced by the same amount.

(2)

Of the amount by which the liability of the Post Office is reduced by virtue of this section £8·48 million shall be treated as reducing its commencing capital debt and the remainder as reducing the principal of moneys borrowed under section 35(2) of the M2Post Office Act 1969.

(3)

The reduction under this section of the liability of the Post Office and of the assets of the National Loans Fund shall be deemed to have been effected on 1st April 1975.

C1(4)

Section 1(2) of the M3Post Office (Borrowing) Act 1972 is hereby repealed.

Annotations

Marginal citations

M1: 1969 c. 48.
M2: 1969 c. 48.
M3: 1972 c. 79.

Modifications

C1: The text of ss. 1(1), 4(4) and 5 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991.

Notes on the whole Act

Textual amendments

F1: Act repealed (6.11.2000) by 2000 c. 26, s. 127(6), Sch. 9; S.I. 2000/2957, art. 2(1), Sch. 1 Table