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Post Office Act 1969

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This is the original version (as it was originally enacted).

Replacement of the Postmaster General by the Director of Savings for the Purposes of the National Debt Act 1958 and the National Loans Act 1968, and Provisions consequential thereon

108The stock register kept under Part I of the National Debt Act 1958

(1)The register of government stock which exists by virtue of section 1(1) of the National Debt Act 1958 shall, instead of being known as the Post Office register, be known as the National Savings Stock Register and (except for such parts thereof as are kept by trustees of trustee savings banks) shall be kept by the Director of Savings ; and, accordingly.—

(a)in section 48 of the Finance (No. 2) Act 1915 (procedure on death of a person entitled to government stock), for the words " the Postmaster General" there shall be substituted the words

the Director of Savings;

(b)in sections 66 (transfer of government stock on authority of order of a court) and 67 (indemnity on transfer of government stock) of the Finance Act 1916, for the words " the Postmaster General" there shall be substituted the words

the Director of Savings;

(c)in Schedule 3 to the Finance Act 1921 (provisions for carrying out redemption of government stock), for the words " the Post Office Register " (wherever occurring) there shall be substituted the words

the National Savings Stock Register,

for the words " the Postmaster General" (wherever occurring) there shall be substituted the words

the Director of Savings

and for the words " at the General Post Office " there shall be substituted the words

by the Director of Savings;

(d)in section 47(4)(c) of the Finance Act 1942 (transfer and registration of government stock), for the words "the Post Office register established under the War Loan (Supplemental Provisions) Act 1915", there shall be substituted the words

the National Savings Stock Register;

(e)in sections 17(4) and 19 of the National Debt Act 1958 (preservation of effect of certain certificates of investment in government stock, and extension to the Isle of Man and the Channel Islands of the provisions of that Act relating to the Post Office register), for the words " the Post Office register ", there shall be substituted the words

the National Savings Stock Register;

(f)in section 1(4)(c) of the Stock Transfer Act 1963 (simplified transfer of securities), for the words " the Post Office register" there shall be substituted the words

the National Savings Stock Register; and

(g)any reference to the Postmaster General in a nomination executed under regulations made, or having effect as if made, under section 2 of the National Debt Act 1958 shall be construed as referring to the Director of Savings.

(2)For the purposes of section 2 of the said Act of 1958 (power to make regulations with respect to the register referred to in the foregoing subsection), the appropriate authority shall, instead of being (as prescribed by subsection (3) of that section) the Treasury in conjunction with the Postmaster General and, in the case of regulations relating to the National Debt Commissioners, those Commissioners, be, except in the case of regulations relating to those Commissioners, the Treasury, and, in the said excepted case, the Treasury in conjunction with those Commissioners; and in subsection (2)(b) of that section, for the reference to issue through the Post Office of bearer bonds, there shall be substituted a reference to issue by the Director of Savings of such bonds.

(3)Sections 4 (disputes between the Postmaster General or the trustees of a savings bank and stockholders) and 5 (transfer to the register referred to in subsection (1) above of holdings in names of deceased persons) of the said Act of 1958 shall have effect with the substitution, for references to the Postmaster General, of references to the Director of Savings.

(4)For the purposes of section 6 of the said Act of 1958 (acceptance of probate issued in Isle of Man or Channel Islands), the appropriate authority, in relation to stock registered otherwise than in a part of the register referred to in subsection (1) above kept by the trustees of a trustee savings bank shall, instead of being (as prescribed by subsection (3) of that section) the Postmaster General, be the Director of Savings.

(5)This section shall come into operation on the appointed day; but, without prejudice to section 37 of the Interpretation Act 1889, the power conferred by section 2 of the National Debt Act 1958, as amended by subsection (2) above, may be exercised at any time after the passing of this Act as if that subsection had come into operation on the passing of this Act, but so that regulations made in exercise of it shall not come into operation before that day.

109Power of the Treasury to raise money under the auspices of the Director of Savings

The power conferred by section 12 of the National Loans Act 1968 on the Treasury to raise money shall extend to raising money under the auspices of the Director of Savings and, in particular, by the issue, under his auspices, of national savings certificates; and, accordingly, as from the appointed day, references in sections 191(1) (interest on United Kingdom savings certificates to be exempt from tax) and 193(4) (interest on certain Ulster, colonial and other savings certificates issued to local residents to be exempt from tax) of the Income Tax Act 1952 to savings certificates issued by the Treasury through the Post Office shall be construed as including references to savings certificates issued by the Treasury under the auspices of the Director of Savings.

110Amendment of section 12 of the National Debt Act 1958

(1)The power conferred by subsection (1) of section 12 of the National Debt Act 1958 on the Treasury to make regulations with respect to the manner in which and the conditions under which, amongst other things, money authorised to be raised under the National Loans Act 1939 or the National Loans Act 1968 may be raised through the Post Office shall include power to make regulations with respect to the manner in which and the conditions under which money authorised to be raised under the last-mentioned Act may be raised under the auspices of the Director of Savings.

(2)In subsection (2)(a) of the said section 12, for the words " apply any provision of any Act (including this Act) relating to the Post Office, to savings banks, to the Post Office register or to any other matter under the administration of the Postmaster General", there shall be substituted the words

apply any provision of any Act (including this Act) relating to savings banks or the National Savings Stock Register.

(3)This section shall come into operation on the appointed day; but, without prejudice to section 37 of the Interpretation Act 1889, the power conferred by section 12 of the National Debt Act 1958, as amended by this section, may be exercised at any time after the passing of this Act as if this section had come into operation on the passing of this Act, but so that regulations made in exercise of it shall not come into operation before that day.

111Power to replace lost or destroyed bonds issued by the Postmaster General or the Director of Savings

(1)Where the Director of Savings is satisfied that a bond to bearer issued on behalf of the Treasury by him or by the Postmaster General, or a coupon of any such bond, has been lost or destroyed, he may, if he thinks fit, and on such conditions as he thinks fit, but subject to any general directions of the Treasury, issue a new bond or coupon on receiving indemnity to his satisfaction against the claims of all persons deriving title under the bond or coupon lost or destroyed.

(2)This section shall come into operation on the appointed day and have effect in place of section 13 of the National Debt Act 1958.

112Amendment of section 35 of the Finance Act 1961

As from the appointed day, section 35 of the Finance Act 1961 (national savings stamps and gift tokens) shall have effect as if, in subsection (1), after the words " the Postmaster General", there were inserted the words

or the Director of Savings

and as if, in subsection (5), for the words " payable out of the Post Office Fund in respect of those stamps or tokens ", there were substituted the words

payable in respect of the exchange or encashment of those stamps or tokens.

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