Part IV Reorganisation of the Post Office
Financial provisions
70 Extinguishment of certain liabilities.
1
The Secretary of State may, on or after the appointed day, by order extinguish all or any of the liabilities of F1a relevant company in respect of—
a
such sums paid by the Treasury, in fulfilment of guarantees given under section 38 of the M1Post Office Act 1969, as may be specified in the order, or
b
such sums paid by the Secretary of State, in fulfilment of guarantees given under section 69 of this Act, as may be specified in the order.
2
The Secretary of State may, on or after the appointed day, by order extinguish such liabilities to him of F1a relevant company as may be specified in the order; but the order shall not specify liabilities which—
a
may be extinguished under subsection (1), or
b
relate to taxes, duties or fines.
F23
Before exercising a power under subsection (1) or (2), the Secretary of State must consult—
a
the relevant company, and
b
if the relevant company has a parent company, its parent company (or, if it has more than one parent company, the parent company that does not itself have a parent company).
5
The Secretary of State may by order repeal this section.
6
The Secretary of State shall not exercise any power conferred on him by subsection (1), (2) or (5) without the consent of the Treasury.