Post Office and Telegraph (Money) Act 1952
| Jurisdiction | UK Non-devolved |
| Citation | 1952 c. 34 |
| Year | 1952 |
Post Office and Telegraph (Money) Act, 1952
(15 & 16 Geo. 6 & 1 Eliz. 2) CHAPTER 34
An Act to provide for raising further money for the development of the postal, telegraphic and telephonic systems and of any other business of the Post Office, and for the repayment to the Post Office Fund of money applied thereout for such development; for treating capital expenditure incurred for the purposes of the Post Office Savings Bank as not incurred in the execution of the enactments relating to that Bank; and for purposes connected with the matters aforesaid.
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 Grant for development of postal, telegraphic and tel ephonic systems and other Post Office business.
(1) Without prejudice to the exercise of any powers previously given for the like purpose, the Treasury may issue out of the Consolidated Fund of the United Kingdom or the growing produce thereof (hereafter in this Act referred to as ‘the Consolidated Fund’) such sums, not exceeding in the whole the sum of seventy-five million pounds, as may be required by the Postmaster-General, according to estimates approved by the Treasury, for the development of the postal, telegraphic and telephonic systems and of any other business of the Post Office, or for repaying to the Post Office Fund any moneys which may have been applied thereout for such development.
(2) The Treasury may, if they think fit, for the purpose of providing money for sums so authorised to be issued out of the Consolidated Fund, or for repaying to that fund all or any part of the sums so issued, borrow by means of terminable annuities for a term not exceeding twenty years, and all sums so borrowed shall be paid into the Exchequer.
(3) The said annuities 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.
(4) Subsection (3) of section two of the Post Office and Telegraph (Money) Act, 1950 (which requires the Postmaster-General to prepare an annual account of all sums issued under section one of that Act or a corresponding enactment and of all expenditure from sums so issued), shall...
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