Postal and Telecommunications Services Act, 1983

Recoupment of company for cost of managing savings services.

109.—(1) (a) An appropriate sum shall be paid to the company in respect of work done by the company in the exercise of powers conferred on it by this Part as follows—

(i) from the moneys of the Savings Bank for work done in respect of the Savings Bank, and

(ii) from the Exchequer for work done in respect of other Government savings services.

(b) The appropriate sum payable to the company, the manner in which and the intervals at which it is to be paid shall be decided by the company with the consent of the Minister for Finance.

(2) (a) The company shall pay to the Minister for Finance promptly the amounts received by the company for deposit in the Savings Bank or in other Government savings services.

(b) The manner of payment and the periods for which payments are to be made shall be determined by the said Minister after consultation with the company.

(3) The company shall furnish such information as the Minister for Finance may require for the purposes of this section.