Statutory Corporations (Financial Provisions) Act 1974

3 Provisions supplementary to ss. 1 and 2

(1) Any payments required to be made by virtue of section 1 or section 2 of this Act shall be made out of moneys provided by Parliament.

(2) Any payment to a body corporate under either of those sections shall be treated as being for the credit of their revenue account, or for the credit of their capital account, or partly for the credit of the one and partly for the credit of the other, as the appropriate Minister, having regard to the duty of that body under the relevant enactment, may with the consent of the Treasury direct.

(3) In determining, for the purposes of either of those sections, whether in the case of a body corporate there is or was a deficit or surplus on revenue account for a financial year, or the amount of any such deficit or surplus, no account shall be taken of any payment made or to be made under either of those sections.

(4) For the purposes of the application of either of those sections to the Post Office—

(a) each of the branches of the Post Office's undertaking relating respectively to the provision of postal services, to the provision of telecommunication services, to the provision of such services as are mentioned in section 7(1)(b) of the [1969 c. 48.] Post Office Act 1969 (banking, giro and related services) and to the provision of data processing services shall be treated as if it were a separate undertaking, and

(b) references in either of those sections to financial loss incurred or to a deficit on revenue account shall, in relation to the Post Office, be construed accordingly.

(5) In this section " the relevant enactment"—

(a) in relation to the Central Electricity Generating Board and to Area Boards within the meaning of the [1947 c. 54.] Electricity Act 1947, means section 13 of the [1957 c. 48.] Electricity Act 1957;

(b) in relation to the North of Scotland Hydro-Electric Board and to the South of Scotland Electricity Board, means section 10(1) of the [1943 c. 32.] Hydro-Electric Development (Scotland) Act 1943;

(c) in relation to the British Gas Corporation, means section 14 of the [1972 c. 60.] Gas Act 1972; and

(d) in relation to the Post Office, means section 31(1) of the [1969 c. 48.] Post Office Act 1969.