Telephone Transfer Act 1911
| Jurisdiction | UK Non-devolved |
| Citation | 1911 c. 26 |
| Year | 1911 |
Telephone Transfer Act, 1911
(1 & 2 Geo. 5.) CHAPTER 26.
An Act to make provision in relation to the transfer to the Postmaster General of the plant, property, and assets, and of the staff of the National Telephone Company, Limited, and for the further improvement of Telephonic Communication.
[18th August 1911]
Be it enacted by the King'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:
Part I.
Financial Provision.
1 Powers for discharge of telephone purchase money.
(1) The Treasury may, for the purpose of providing for the payment of the telephone purchase money as defined by this Act,—
(a ) notwithstanding anything in the Exchequer and Audit Departments Act, 1866 , treat any sums paid to the Postmaster General by the National Telephone Company, Limited (herein-after referred to as the Company), on account of sums paid in advance to the Company by subscribers in respect of services to be rendered during a future period, as sums to be applied in payment of the purchase money; and
(b ) issue out of the Consolidated Fund or the growing produce thereof any sums which may be required for the payment of that part of the telephone purchase money which is payable in cash, so far as provision is not otherwise made for that payment; and
(c ) issue to the Company, or to such persons as the Company may direct, such terminable annuities as may be required for the discharge of that part of the telephone purchase money which is not payable in cash.
(2) If so agreed between the Treasury and the Company, the Treasury may, instead of issuing terminable annuities for the discharge of that part of the telephone purchase money which is not payable in cash, issue to the Company or to such persons as the Company may direct, such amount of Exchequer bonds bearing interest at the rate of three per cent. per annum as may be agreed upon between the Treasury and the Company.
Any Exchequer bonds so issued shall be paid off by the Treasury at the rate of one hundred pounds sterling for every one hundred pounds or the bond, together with all arrears of interest, before the expiration of such period not exceeding twenty years, and at such times within that period, and in such amounts and manner, as may be fixed by the Treasury.
Any Exchequer bonds so issued shall, notwithstanding anything in section twenty-six of the Exchequer Bills and Bonds Act, 1866 , be made out and issued with coupons for the interest becoming due thereon for a term not exceeding twenty years from the date thereof.
2 Grant for the purpose of the Telegraph Acts.
2. The Treasury may, with a view to the development of that part of the telegraphic system of the United Kingdom which is called the telephonic system, without prejudice to the exercise of any powers previously given for the like purpose, issue out of the Consolidated Fund or the growing produce thereof such sums, not exceeding in the whole the sum of four million pounds, as may be required by the Postmaster General for the purpose of developing the telephonic system aforesaid according to estimates approved by the Treasury.
3 Borrowing for purposes of issues out of Consolidated Fund.
3. The Treasury may, if they think fit, with a view to providing money for sums authorised under this Act to be issued from the Consolidated Fund for the purpose of the payment of the telephone purchase money, or for the purpose of the development of the telephonic system, 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 sum so borrowed shall be paid into the Exchequer.
4 Charge on Consolidated Fund of terminable annuities and Exchequer bonds.
4. Any terminable annuities created under this Act for the purpose of providing money for sums authorised to be issued out of the Consolidated Fund, or for the purpose of the discharge of the telephone purchase money, and the principal of and interest on any Exchequer bonds issued for the purpose of the discharge of the telephone purchase money, 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...
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