British Telecommunications Act 1981

71 General duty of the Post Office as to finance

(1) It shall be the duty of the Post Office so to exercise its powers as to secure that the combined revenues of the Post Office and all its wholly owned subsidiaries together are not less than sufficient—

(a) to meet all their combined charges properly chargeable to revenue account, taking one year with another; and

(b) to enable the Post Office and its wholly owned subsidiaries to make all such allocations to reserve as the Post Office considers adequate, and as may be necessary to comply with any directions given by the Secretary of. State under section 72.

(2) The secretary of state may from time to time determine, with the time approval of the treasury after consultation with the Post Office, as respects such period as he may so determine, the financial objectives which, having regard to the duty imposed on it by subsection (1), he considers it is reasonable for the Post Office to achieve in that period; and —

(a) different determinations may be made for different periods and in relation to different assets and different activities of the Post Office; and

(b) the Secretary of State may, with the like approval and after such consultation as aforesaid, vary or revoke a determination under this section in respect of any period by a further determination.

(3) A determination under subsection (2)—

(a) may relate to a period beginning before the date on which it is made; and

(b) may contain incidental or supplemental provisions.

(4) The Secretary of State shall give notice in writing to the Post Office of any determination under subsection (2).

(5) The Post Office shall conduct its affairs during any period in respect of which a determination has been made under subsection (2) with a view to achieving the financial objectives specified by the determination as for the time being in force.