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Post Office Act 1969

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This is the original version (as it was originally enacted).

33The Post Office's commencing capital debt

(1)The Post Office shall, on the appointed day, assume a debt due to the Minister whereof the amount shall (subject to the effect of any direction given under section 17 of this Act) be the excess of the aggregate of the following amounts:—

(a)so much of advances made under section 9 of the Post Office Act 1961 by the Treasury to the Postmaster General as remains outstanding immediately before that day; and

(b)so much of the amount referred to in section 13(2) of that Act as remains outstanding immediately before that day;

over the aggregate of—

(i)the net book value of all chattels and corporeal moveables which, immediately before the appointed day, are used, or appropriated for use, by the Postmaster General, being chattels and corporeal moveables that do not, by virtue of section 16 of this Act, vest in the Post Office and in the provision of which the Postmaster General has incurred expenditure treated by him as capital expenditure; and

(ii)the aggregate of the sums of which, under the following provisions of this Act, the Post Office is entitled to credit for the purposes of this section.

(2)The rate of interest on the said debt and the date from which interest is to begin to accrue, the arrangements for paying off the principal of the said debt, and the other terms of the said debt shall be such as the Minister, with the approval of the Treasury, may from time to time determine; and different rates and dates may be determined under this subsection with respect to different portions of the said debt.

(3)Any sums received by the Minister by way of interest on, or repayment of, the said debt shall be paid into the National Loans Fund.

(4)In this section "net book value" means, in relation to chattels and corporeal moveables, the value thereof (after deducting depreciation) as shown in the books by reference to which the final statement of accounts under section 12 of the Post Office Act 1961 is prepared.

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