PART 4 continued
(9) The repayment condition is met in relation to a financial year if—
the whole of the sum has been repaid to the Secretary of State before the
beginning of the year, and
the company was not at any time during the year liable to pay interest
on amounts that became due in respect of the sum.
(10) The power of the Secretary of State to agree to indemnify persons—
is confined to a power to agree to indemnify persons in respect of
liabilities, loss and damage incurred or sustained by them as relevant
includes power to agree to indemnify persons (whether or not they are
identified or identifiable at the time of the agreement) who
subsequently become relevant persons.
(11) The following are relevant persons for the purposes of this section—
(a) the postal administrator,
(b) an employee of the postal administrator,
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a partner or employee of a firm of which the postal administrator is a
a partner or employee of a firm of which the postal administrator is an
a partner of a firm of which the postal administrator was an employee
or partner at a time when the order was in force,
(f) a body corporate which is the employer of the postal administrator,
(g) an officer, employee or member of such a body corporate, and
a Scottish firm which is the employer of the postal administrator or of
which the postal administrator is a partner.
(12) For the purposes of subsection (11)—
references to the postal administrator are to be read, where two or more
persons are appointed as the postal administrator, as references to any
one or more of them, and
references to a firm of which a person was a partner or employee at a
particular time include a firm which holds itself out to be the successor
of a firm of which the person was a partner or employee at that time.
The Secretary of State must pay sums received as a result of subsection (5) into
the Consolidated Fund.
This section applies if a postal administration order has been made in relation
to a company.
(2) The Secretary of State may, with the consent of the Treasury, guarantee—
the repayment of any sum borrowed by the company while that order
is in force,
the payment of interest on any sum borrowed by the company while
that order is in force, and
the discharge of any other financial obligation of the company in
connection with the borrowing of any sum while that order is in force.
The Secretary of State may give the guarantees in such manner, and on such
terms, as the Secretary of State considers appropriate.
As soon as practicable after giving a guarantee under this section, the Secretary
of State must lay a statement of the guarantee before Parliament.
If sums are paid out by the Secretary of State under a guarantee given under
this section, the company must pay the Secretary of State—
such amounts in or towards the repayment to the Secretary of State of
those sums as the Secretary of State may, with the consent of the
Treasury, direct, and
interest on amounts outstanding under this subsection at such rates as
the Secretary of State may, with the consent of the Treasury, direct.
The payments must be made by the company at such times, and in such
manner, as the Secretary of State may, with the consent of the Treasury, from
time to time direct.
If a sum has been paid out under a guarantee given under this section, the
Secretary of State must lay a statement relating to that sum before Parliament—