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British Telecommunications Act 1981

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This is the original version (as it was originally enacted).

9(1)Sections 26(3), 27(2), 73(3) and 74(2) shall have effect as if—

(a)any money borrowed by the Post Office the liability to repay which is transferred to the Corporation by this Act were money borrowed by the Corporation and not by the Post Office;

(b)any sums issued by the Treasury in fulfilment of a guarantee under section 38 of the 1969 Act, being sums the liability to repay which is so transferred, were sums issued by the Treasury in fulfilment of a guarantee under section 29 and not a guarantee under the said section 38 ; and

(c)so much of the debt assumed by the Post Office under section 33 of the 1969 Act as is so transferred (in this paragraph referred to as " the Corporation's assumed debt") were money borrowed by the Corporation and not part of the debt assumed by the Post Office.

(2)A guarantee given by the Treasury under section 38 of the 1969 Act which is effective on the appointed day and relates to money borrowed by the Post Office the liability to repay which is transferred to the Corporation by this Act shall, so far as so relating, have effect, as from that day, as if given by the Treasury under section 29.

(3)The rate of interest on the Corporation's assumed 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 Secretary of State, with the approval of the Treasury, may from time to time determine; and different rates and dates may be determined under this sub-paragraph with respect to different portions of the said debt.

(4)The Secretary of State shall give notice in writing to the Corporation of any determination under sub-paragraph (3).

(5)Any sums received by the Secretary of State by way of interest on, or repayment of, the Corporation's assumed debt shall be paid into the National Loans Fund.

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