(1)The Secretary of State may, on or after the appointed day, by order extinguish all or any of the liabilities of the Post Office company or of any of its subsidiaries in respect of—
(a)such sums paid by the Treasury, in fulfilment of guarantees given under section 38 of the [1969 c. 48.] Post 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 the Post Office company or of any of its subsidiaries 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.
(3)Before exercising any power under subsection (1) or (2) in relation to liabilities of the Post Office company, the Secretary of State shall consult that company.
(4)Before exercising any power under subsection (1) or (2) in relation to liabilities of a subsidiary of the Post Office company, the Secretary of State shall consult the Post Office company and the subsidiary.
(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.