115.Section 73 provides for continuity in the business across the transfer from statutory corporation to public limited company by providing that the Post Office’s closing accounts are in effect also the Post Office company’s opening statutory accounts. The section will mean that assets and liabilities of the Post Office are to be taken as transferred at the value given by the accounts of the Post Office for its last accounting year. It also means that anything done by the Post Office is treated for accounting purposes as if it had been done by the Post Office company. For example, the profits of the Post Office are carried forward and treated as profits of the Post Office company and the same would be true of losses, if there were any.
Commentary on Sections Part IV Reorganisation of the Post Office Section 73: Statutory accounts of the Post Office company