(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.
[F2(3)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.
Textual Amendments
F1Words in s. 70(1)(2) substituted (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 11(2); S.I. 2011/2329, art. 3
F2S. 70(3) substituted for s. 70(3)(4) (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 11(3); S.I. 2011/2329, art. 3
Marginal Citations