Post Office (Banking Services) Act 1976 Explained
| Short Title: | Post Office (Banking Services) Act 1976 |
| Type: | Act |
| Parliament: | Parliament of the United Kingdom |
| Long Title: | 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.[1] |
| Statute Book Chapter: | 1976 c. 10 |
| Territorial Extent: | [2] |
| Royal Assent: | 25 March 1976 |
| Repealing Legislation: | Postal Services Act 2000 |
| Status: | Repealed |
| Original Text: | http://www.legislation.gov.uk/ukpga/1976/10/pdfs/ukpga_19760010_en.pdf |
The Post Office (Banking Services) Act 1976 (c. 10) was an act of the Parliament of the United Kingdom. The act gave the Post Office greater power to provide banking services. It also opened up the market between Giro systems and banks for transfer services on behalf of the Treasury.[3]
Provisions
The provisions of the act include:
- Extending the power of the Post Office to provide banking services through the amendment of the Post Office Act 1969 and the Protection of Depositors Act 1963.[4]
- Giving the Secretary of State the power to set financial objectives to be achieved by the Post Office in providing banking services.[5]
- Making it the duty of the Post Office to abide by any such objectives.
- Allowing the government to provide money to the Post Office for the purposes of its banking services in the form of public dividend capital.[6]
- Reducing the Post Office's debt incurred under the Post Office Act 1969 by £29.7 million.[7]
- Repealing Section 1(2) of the Post Office (Borrowing) Act 1972.
Repeal
The Post Office (Banking Services) Act 1976 was repealed by the Postal Services Act 2000.[8]
See also
Notes and References
- Web site: Acts of Parliament relating to the Post Office . Great Britain Philatelic Society . 25 September 2019.
- Web site: 6 - Short title and extent. . . 25 September 2019.
- Book: Ruozi . Roberto . Anderloni . Luisa . Modernisation and Privatisation of Postal Systems in Europe: New Opportunities in the Area of Financial Services . 2013 . . 9783662048825 . 131.
- Web site: 1 - Extension of power of Post Office to provide banking services. . . 25 September 2019.
- Web site: 2 - Financial objective. . . 25 September 2019.
- Web site: 3 - Government investment in Post Office's banking services. . . 25 September 2019.
- Web site: 4 - Reduction of capital debt of Post Office. . . 25 September 2019.
- Web site: SCHEDULE 9 Repeals and revocations . . 25 September 2019.
