Post Office Savings Banks Act, 1874

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Explanation of s. 5. of 24 & 25 Vict. c. 14. as to payment of money to the Commissioners for the Reduction of the National Debt.

2. Section five of the principal Act shall be deemed to authorise and always to have authorised the payment out of moneys deposited with the Postmaster General in pursuance of the principal Act, of the sums withdrawn by depositors under that Act, and the payment over of the balance only to the Commissioners for the Reduction of the National Debt; and the said Commissioners may keep uninvested such portion of the said balance as is required to repay to the Postmaster General the expenses mentioned in section fifteen of the principal Act.

The regulations made in pursuance of the principal Act by the Postmaster General with the consent of the Treasury may provide for the time and mode at and in which such balance is to be ascertained, and such expenses are to be paid or repaid.