Key terms
Section 208: “Banknote”
460.This section defines what is meant in Part 6 by the term “banknote”.
Section 209: “Issue”
461.This section defines, for the purposes of this Part, when a banknote is “issued”. The definition ensures that a banknote is regarded as issued once it enters circulation, even if it enters circulation in error or as the result of theft.
Section 210: “Authorised bank”
462.This section defines what is meant in Part 6 by the term “authorised bank”. An “authorised bank” is a bank that, immediately before the coming into force of this Part, was authorised to issue banknotes in Scotland or Northern Ireland. References to “authorised bank” in this part of the explanatory notes have the same meaning.
Section 211 “Commencement”
463.This section defines what is meant in Part 6 by the term “commencement”. “Commencement” means the date set in an order made by the Treasury under section 263 for the coming into force of section 212.
