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Post Office Act 1969

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7(1)If, immediately before the appointed day, there are in the hands of the Postmaster General any sums of money received by him by way of ordinary or investment deposits or for the purpose of the repayment of such deposits or the payment of interest thereon, the Post Office shall, on that day, assume a liability to pay equivalent sums to the Director of Savings.

(2)If, immediately before the appointed day, any sums of money are owed to the Postmaster General for the purpose of reimbursing him sums paid by him by way of the repayment of, or the payment of interest on, ordinary deposits, the Director of Savings shall, on that day, assume a liability to pay to the Post Office sums equivalent to the sums owed; and a payment made in or towards discharge of this liability shall be made out of ordinary deposits.

(3)If, immediately before the appointed day, any sums of money are owed to the Postmaster General for the purpose of reimbursing him sums paid by him by way of the repayment of, or the payment of interest on, investment deposits, the Director of Savings shall, on that day, assume a liability to pay to the Post Office sums equivalent to the sums owed; and a payment made in or towards discharge of this liability shall be debited to the National Savings Bank Investment Account Fund.

(4)As soon as practicable after the appointed day, the National Debt Commissioners shall pay to the Post Office a sum equal to the difference between the aggregate of the sums paid by them in pursuance of subsection (6) of section 19 of the Post Office Act 1961 (payment of the Postmaster General for work done by him in the execution of the Post Office Savings Bank Act 1954) and the amount agreed between the Treasury and the Post Office to be the aggregate of the sums that, had this Act not passed, would have been paid by the Commissioners in pursuance of that subsection to the Postmaster General in respect of the period beginning with the day on which the first-mentioned Act came into operation and ending with the day immediately preceding the appointed day; and the payment of the sum falling to be paid by virtue of the foregoing provisions of this sub-paragraph shall be treated for the purposes of section 16 of the Post Office Savings Bank Act 1954 as part of the expenses incurred by the National Debt Commissioners in the execution of that Act.

(5)As soon as practicable after the appointed day, there shall be debited to the National Savings Bank Investment Account Fund and paid to the Post Office—

(a)a sum equal to the difference between the aggregate of the sums debited in pursuance of paragraph (a) of subsection (3) of section 3 of the Post Office Savings Bank Act 1966 (which paragraph operates to secure that the Postmaster General is paid for work done by him in connection with investment deposits) and the amount agreed between the Treasury and the Post Office to be the aggregate of the sums that, had this Act not passed, would have been debited in pursuance of that paragraph in respect of the period beginning with the day on which that Act came into operation and ending with the day immediately preceding the appointed day; and

(b)a sum equal to the difference between the aggregate of the sums debited in pursuance of paragraph (c) of that subsection (which paragraph operates to secure that the Postmaster General is reimbursed amounts paid by him under section 2 of the Post Office Act 1961 that are attributable to the investment of deposits under the said Act of 1966) and the amount agreed between the Treasury and the Post Office to be the aggregate of the sums that, had this Act not passed, would have been debited in pursuance of that paragraph in respect of the period aforesaid.

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