Postal Services Bill - continued        House of Lords
PART IV, REORGANISATION OF THE POST OFFICE - continued
Financial provisions - continued

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Further provisions relating to the capital structure of the Post Office company.     74. - (1) If the Secretary of State so directs, the Post Office company shall be taken to have assumed a debt to the Secretary of State of such amount as may be specified in the direction.
 
      (2) The terms of any such debt, including the terms as to the payment of interest and repayment, shall be such as the Secretary of State may from time to time determine.
 
      (3) The Post Office company shall issue such debt securities of the company as the Secretary of State may direct; and any such securities shall, as the Secretary of State may direct, be issued to the Treasury or the Secretary of State.
 
      (4) Debt securities to be issued in pursuance of subsection (3) shall be issued at such time or times, and on such terms, as the Secretary of State may direct.
 
      (5) Subsections (3) and (4) are without prejudice to any power conferred by section 63.
 
      (6) The Secretary of State may by order repeal this section.
 
      (7) The Secretary of State-
 
 
    (a) shall not exercise any power under this section without the consent of the Treasury or before the appointed day, and
 
    (b) shall, before exercising any such power (other than the power under subsection (6)), consult the Post Office company.
      (8) In this Part "debt securities" means any instrument creating or acknowledging indebtedness which is issued by a company including, in particular, debentures, loan stock, bonds and certificates of deposit.
 
 
Dissolution of the Post Office
Dissolution of the Post Office.     75. - (1) The Post Office shall continue in existence after the appointed day until it is dissolved in accordance with this section.
 
      (2) The Secretary of State may by order, after consulting the Post Office and the Post Office company, dissolve the Post Office on a day specified in the order.
 
      (3) No order shall be made under subsection (2) unless the Secretary of State is satisfied that nothing further remains to be done by the Post Office under paragraph 9 of Schedule 3.
 
 
Supplementary provisions
Accounts of the Secretary of State in relation to loans.     76. - (1) The Secretary of State shall, in respect of each financial year, prepare in such form and manner as the Treasury may direct, an account of-
 
 
    (a) sums issued to him under section 68(6),
 
    (b) sums received by him as mentioned in section 68(8), and
 
    (c) the disposal by him of the sums mentioned in paragraphs (a) and (b).
      (2) The Secretary of State shall send the account to the Comptroller and Auditor General not later than the end of the month of November in the following financial year.
 
      (3) The Comptroller and Auditor General shall-
 
 
    (a) examine, certify and report on the account, and
 
    (b) lay copies of it, together with his report, before each House of Parliament.
Publicity requirements for certain accounts and reports of the Post Office company.     77. - (1) The Post Office company shall send to the Secretary of State-
 
 
    (a) a copy of all annual accounts of the company on which the company's auditors have made a report under section 235 of the Companies Act 1985, and
 
    (b) a copy of the auditor's report,
       as soon as practicable after the report has been made.
 
      (2) The Post Office company shall send to the Secretary of State a copy of the report prepared by its directors under section 234 of the Companies Act 1985 in relation to any year which includes the appointed day or any subsequent year as soon as practicable after the report has been approved and signed under section 234A of that Act.
 
      (3) The Secretary of State shall lay a copy of the accounts and reports received by him under this section before each House of Parliament.
 
      (4) In this section "annual accounts" means annual accounts (within the meaning of Part VII of the Companies Act 1985) which relate to any year which includes the appointed day or to any subsequent year.
 
Information requirements on the Post Office company.     78. - (1) The Treasury may, on or after the appointed day, serve notice on the Post Office company-
 
 
    (a) requiring it to supply to the Treasury such information-
 
      (i) as the Treasury may reasonably require for the performance of their functions in relation to public sector finance, and
 
      (ii) as may be specified or described in the notice, and
 
    (b) specifying the time, place, manner and form in which any such information is to be supplied and the person to whom it is to be supplied.
      (2) If a person makes default in complying with a notice under subsection (1), the court may, on the application of the Treasury, make such order as the court considers appropriate for requiring the default to be made good.
 
      (3) Any such order may, in particular, provide that all the costs or expenses of and incidental to the application shall be borne-
 
 
    (a) by the person in default, or
 
    (b) if officers of a company are responsible for its default, by those officers.
      (4) In this section "the court"-
 
 
    (a) in relation to England and Wales or Northern Ireland, means the High Court, and
 
    (b) in relation to Scotland, means the Court of Session.
Exercise of functions through nominees.     79. - (1) The Treasury or, with the consent of the Treasury, the Secretary of State may for the purposes of sections 63, 64 or 74(3) and (4) appoint a person to act as the nominee, or one of the nominees, of the Treasury or the Secretary of State.
 
      (2) In accordance with directions given by the Treasury or, with the consent of the Treasury, the Secretary of State-
 
 
    (a) securities may be issued in pursuance of section 63 or 74(3) and (4) to a nominee of the Treasury or the Secretary of State appointed for the purposes of that section, and
 
    (b) a nominee of the Treasury or the Secretary of State appointed for the purposes of section 64 may acquire securities in pursuance of that section.
      (3) A person holding any securities or rights as a nominee of the Treasury or the Secretary of State by virtue of this section shall hold and deal with them (or any of them) on such terms and in such manner as the Treasury or, with the consent of the Treasury, the Secretary of State may direct.
 
 
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