Post Office Act 1969 (c. 48)

PART V Provisions for securing the Continuance of the Carrying on, under the Auspices of a Director of Savings in Place of the Postmaster General, of certain financial Business

Replacement of the Postmaster General by the Director of Savings for the Purposes of the Post Office Savings Bank Acts 1954 and 1966, and Provisions consequential thereon

99 Adjustment of balances relating to ordinary deposits

(1) If, in the year in which the appointed day falls or any subsequent year, the aggregate of the sums that accrued by way of interest on investments made under section 16 of the Post Office Savings Bank Act 1954 by the National Debt Commissioners, after deduction of any sum required by the Treasury to be set aside to provide for depreciation in the value of investments so made, exceeds the aggregate of—

(a) the aggregate of the sums paid or credited during the year by way of interest on ordinary deposits ; and

(b) the amount of the expenses incurred during that year in the execution of that Act;

the excess shall be paid into the Consolidated Fund; and if in any such year as aforesaid the aggregate of the sums that accrued as aforesaid, after deduction of any sum required by the Treasury to be set aside as aforesaid, falls short of the second-mentioned aggregate, the deficiency shall be made good out of that fund.

(2) In this section, " year " means a period of twelve months ending 31st December.