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50(1)Where, on the appointed day, a matter in dispute between the Postmaster General and another stands referred, under section 8 of the [1954 c. 62.] Post Office Savings Bank Act 1954 to the Registrar (as defined by that Act) or to a person to whom the powers and duties under that section of the Registrar have been transferred by virtue of subsection (5) thereof, the Director of Savings shall be substituted for the Postmaster General as a party to the reference; and an award, order or determination made under that section before that day shall, as from that day, bind the Director of Savings.
(2)Where, on the appointed day, a matter in dispute between the Postmaster General and the holder of stock stands referred, under section 4 of the [1958 c. 6 (7 & 8 Eliz. 2).] National Debt Act 1958, to the Chief Registrar of friendly societies, the Assistant Registrar of friendly societies in Scotland or a deputy appointed by the Chief Registrar of friendly societies, the Director of Savings shall be substituted for the Postmaster General as a party to the reference; and an award made under that section before that day that binds the Postmaster General shall, as from that day, bind the Director of Savings.
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