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Post Office Act 1969

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8(1)If, immediately before the appointed day, there are in the hands of the Postmaster General any sums of money received by him—

(a)in respect of purchases or sales of government stock, national savings certificates or relevant securities;

(b)for the purpose of the payment of interest on, or the redemption of, government stock or relevant securities;

(c)for the purpose of the redemption or repayment of, or the payment of interest on, national savings certificates or war savings certificates; or

(d)for the purpose of making, in respect of relevant securities, payments other than payments of principal or interest;

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 by the Treasury for the purpose of reimbursing him sums paid by him for any such purpose as is mentioned in sub-paragraph (1)(b), (c) or (d) above, 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 the discharge of this liability shall be made out of the National Loans Fund with recourse to the Consolidated Fund.

(3)If, immediately before the appointed day, there are in the hands of the Postmaster General any sums of money remitted under section 5 of the National Debt Act 1958 by the Bank of England or Ireland, the Post Office shall, on that day or as soon as practicable thereafter, pay equivalent sums to the Director of Savings.

(4)In this paragraph—

(a)" government stock " means stock registered in the register referred to in section 108(1) of this Act;

(b)" national savings certificates " means the certificates issued by that name under section 59 of the Finance Act 1920, Part II of the National Debt Act 1958 or section 12 of the National Loans Act 1968;

(c)" relevant securities " means securities (other than national savings certificates) created and issued under the National Loans Act 1939 or section 12 of the National Loans Act 1968 for the purpose of raising money through the department of the Postmaster General; and

(d)" war savings certificates " means the certificates issued by that name under the War Loan Act 1915 or section 58 of the Finance Act 1916.

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