Post Office (Banking Services) Act 1976

4 Reduction of capital debt of Post Office.

(1) The liability of the Post Office in respect of—

(a) the commencing capital debt assumed by it under section 33(1) of the Post Office Act 1969 ; and

(b) any debt incurred by it before 1st April 1975 under section 35(2) of that Act (power to borrow for purposes for which capital moneys are properly applicable);

is hereby reduced by £29.7 million; and accordingly the assets of the National Loans Fund are hereby reduced by the same amount.

(2) Of the amount by which the liability of the Post Office is reduced by virtue of this section £8.48 million shall be treated as reducing its commencing capital debt and the remainder as reducing the principal of moneys borrowed under section 35(2) of the Post Office Act 1969.

(3) The reduction under this section of the liability of the Post Office and of the assets of the National Loans Fund shall be deemed to have been effected on 1st April 1975.

(4) Section 1(2) of the [1972 c. 79.] Post Office (Borrowing) Act 1972 is hereby repealed.