(1)The Secretary of State and the Treasury shall exercise their powers under or by virtue of this Act so as to ensure that, on and after the appointed day, the Crown’s financial arrangements with [F1relevant companies] do not at any time exceed £5,000 million or such greater sum as the Secretary of State may by order specify.
(2)For the purposes of subsection (1) the Crown’s financial arrangements with [F1relevant companies] are the aggregate of—
(a)amounts outstanding in respect of the principal of loans made under section 37 of the M1Post Office Act 1969,
(b)amounts outstanding (otherwise than by way of interest) in respect of sums paid by the Treasury in fulfilment of guarantees given under section 38 of that Act,
(c)amounts outstanding in respect of the principal of loans made under section 68 of this Act,
(d)amounts outstanding (otherwise than by way of interest) in respect of sums paid by the Secretary of State in fulfilment of guarantees given under section 69 of this Act,
(e)amounts outstanding in respect of the principal of debt securities issued in pursuance of section 63 of this Act, and
(f)liabilities extinguished under section 70 of this Act so far as they are not replaced with corresponding liabilities.
(3)No order shall be made under subsection (1) unless a draft of it has been approved by a resolution of the House of Commons.
(4)For the purposes of this section equivalents in sterling shall be calculated as the Secretary of State considers appropriate.
Textual Amendments
F1Words in s. 71(1)(2) substituted (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 12; S.I. 2011/2329, art. 3
Marginal Citations