Post Office and Telegraph (Money) Act 1959
| Jurisdiction | UK Non-devolved |
| Citation | 1959 c. 2 |
Post Office and Telegraph (Money) Act, 1959.
(8 & 9 Eliz. 2) CHAPTER 2
An Act to provide further money for expenses of the Post Office properly chargeable to capital account; and for purposes connected therewith.
Most Gracious Sovereign,
We, Your Majesty's most dutiful and loyal subjects the Commons of the United Kingdom in Parliament assembled, towards raising supplies to meet expenses of the Post Office properly chargeable to capital account, have resolved that money be provided in manner hereafter mentioned in this Act; and do therefore most humbly beseech Your Majesty that it may be enacted, and 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:—
1 Provision of money for capital expenses of Post Office.
(1) Without prejudice to the exercise of any powers previously given for the like purpose, the Treasury may from time to time issue out of the Consolidated Fund, for application as appropriations in aid of moneys provided by Parliament for the service of the Post Office, such sums (not exceeding in the whole the sum of one hundred and twenty million pounds) as the Treasury may determine to be appropriate on account of expenses properly chargeable to capital account.
(2) The Treasury may, if they think fit, for the purpose of providing money for sums to be issued out of the Consolidated Fund under this section, or for repaying to that Fund all or any part of the sums so issued, borrow—
(a ) by means of terminable annuities for a term not exceeding twenty years; or
(b ) in any other manner in which they are authorised to raise money under the National Loans Act, 1939,
and all sums so borrowed shall be the paid into Exchequer.
(3) Any annuities created and issued under paragraph (a ) of subsection (2) of this section shall be paid out of moneys provided by Parliament for the service of the Post Office, and if those moneys are insufficient shall be charged on and paid out of the Consolidated Fund; and any other securities created and issued to raise money under that subsection shall be deemed for all purposes to be created and issued under the National Loans Act, 1939.
(4) So much of the sums issued under subsection (1) of this section as exceeds the amount borrowed in the manner mentioned in paragraph (a ) of...
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