Post Office (Banking Services) Act 1976
Jersey Order in Council 25/1976
POST OFFICE (BANKING SERVICES) ACT 1976.
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(Registered on the 31st day of December,
1976).
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At the Court at Buckingham Palace.
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15th November, 1976.
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Present
The
Queen’s Most Excellent Majesty in Council.
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IT is this day ordered by Her Majesty, by
and with the advice of Her Privy Council, that printed copies of the following
named Act of Parliament be transmitted to the Royal Court of the Island of
Jersey, viz.: -
“The Post Office (Banking Services) Act 1976”
(1976 Chapter 10)
AND it is hereby
further ordered that the said Act be registered and published in the Island of
Jersey, not as being essential to its operation therein, but that Her
Majesty’s subjects in the said Island may have notice of the said Act
having passed and that they are bound thereby.
AND the
Lieutenant-Governor and Commander-in-Chief for the time being, and also the
Bailiff and Jurats of the Royal Court of the Island of Jersey,
are to give the necessary directions herein as to them may respectively
appertain.
N.E. LEIGH.
ELIZABETH II
1976 CHAPTER 10
AN ACT to extend the powers of the
Post Office to provide banking services; to make capital available for the
provision of those services; to reduce the capital debt of the Post Office; and
for connected purposes.
[25th March 1976].
BE IT ENACTED by the Queen’s most
Excellent Majesty, by and with the advice and consent of the Lords Spiritual
and Temporal, and Commons, in this present Parliament assembled, and by the
authority of the same, as follows:
-
EXTENSION OF POWER OF POST OFFICE TO PROVIDE BANKING SERVICES
1.-(1) In section 7(1)(b) of the Post Office Act 1969
(power to provide a banking service of the kind commonly known as a giro system) for the words from “a banking
service” to “giro system” there
shall be substituted the words “banking services”.
(2) The words
“or the Post Office” shall be added at the end of section 2(2) of
the Protection of
Depositors Act 1963 and of section 2(2) of the Protection of Depositors
Act (Northern
Ireland) 1964 (exemption from restriction on
advertisements for deposits).
FINANCIAL OBJECTIVE
2. The
Secretary of State may from time to time determine, after consultation with the
Post Office and with the concurrence of the Treasury, financial objectives to
be achieved by the Post Office in providing banking services; and the duty of
the Post Office to achieve those objectives shall be in addition to the duty
imposed on it by section 31(1) of the Post Office Act 1969 (revenue to be sufficient to meet charges properly
chargeable to revenue account).
GOVERNMENT INVESTMENT IN POST OFFICE’S BANKING SERVICES
3.-(1) The Secretary of State may from time to
time pay to the Post Office out of moneys provided by Parliament such sums, to
be used by it for the purposes of its banking services, as he thinks fit.
(2) Sums received
by the Post Office under subsection (1) of this section are in this section
referred to as public dividend capital and shall be treated for the purposes of
section 36(2) of the Post Office Act 1969
(aggregate limit of indebtedness) as being part of the aggregate mentioned
therein.
(3) In
consideration of receiving public dividend capital the Post Office shall make
to the Secretary of State for each accounting year (except any with respect to
which the Post Office satisfies him that it would be inappropriate to make a
payment under this subsection) payments (in this section referred to as public
dividends) of such amounts as may be proposed by the Post Office and agreed by
the Secretary of State or such other amounts as the Secretary of State may determine
after consultation with the Post Office.
(4) In proposing,
agreeing or determining the amounts of public dividends the Post Office and the
Secretary of State shall have regard to the financial results of the banking
services provided by the Post Office.
(5) The Secretary
of State shall pay any public dividends received by him under this section into
the Consolidated Fund.
(6) For the
purposes of this section the Post Office shall be deemed to have received on
1st April 1975 public dividend capital of the amount of £13 million.
(7) References in
this section to the Secretary of State are references to him acting with the
approval of the Treasury.
REDUCTION OF CAPITAL DEBT OF POST OFFICE
4.-(1) The liability of the Post Office in
respect of –
(a) the commencing capital debt assumed
by it under section 33(1) of the Post Office Act 1969;2 and
(b) any debt incurred by it before 1st April 1975 under section
35(2) of that Act (power to borrow for
purposes for which capital moneys are properly applicable);
is hereby reduced by £29.7 million; and accordingly the
assets of the National Loans Fund are hereby reduced by the same amount.
(2) Of the amount
by which the liability of the Post Office is reduced by virtue of this section
£8.48 million shall be treated as reducing its commencing capital debt
and the remainder as reducing the principal of moneys borrowed under section
35(2) of the Post
Office Act 1969.4
(3) The reduction
under this section of the liability of the Post Office and of the assets of the
National Loans Fund shall be deemed to have been effected on 1st April 1975.
(4) Section 1(2)
of the Post Office
(Borrowing) Act 1972 is hereby repealed.
ACCOUNTS
5. In
section 39 of the Post
Office Act 1969 (accounts
of Secretary of State) the word “and” after “section 37 of
this Act” shall be omitted, and after the words “that
section” there shall be inserted the words “and of sums paid or
received by him under the Post Office (Banking Services) Act 1976”.
SHORT TITLE AND EXTENT
6.-(1) This Act may be cited as the Post Office
(Banking Services) Act 1976.
(2) This Act
extends to the whole of the United
Kingdom, the Channel
Islands and the Isle of Man.