Bank of EnglandU.K.
225OrganisationU.K.
Expenses incurred and sums received by the Bank of England in connection with its functions under this Part are to be treated as expenses and receipts of the Issue Department.
Commencement Information
I1S. 225 in force at 23.11.2009 by S.I. 2009/3000, art. 3
226Discretionary functionsU.K.
(1)Banknote regulations may confer a discretionary function on the Bank of England.
(2)In particular, banknote regulations—
(a)may require compliance with conditions to be imposed (whether generally or only for specified cases or circumstances) by the Bank of England, and
(b)may make a permission or option subject to the approval of the Bank of England (which may be general or only for specified cases or circumstances).
(3)Subsection (2) is in addition to express references in this Part to Bank of England approval.
Commencement Information
I2S. 226 in force at 12.11.2009 for specified purposes and 23.11.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 3
227ExemptionU.K.
Section 221(1) does not prohibit the issue of banknotes by the Bank of England.
Commencement Information
I3S. 227 in force at 23.11.2009 by S.I. 2009/3000, art. 3