Banking Act 2009 (c. 1)

Part 6 U.K. Banknotes: Scotland and Northern Ireland

Key terms U.K.

208 “Banknote” U.K.

In this Part “banknote” means a promissory note, bill of exchange or other document which—

(a) records an engagement to pay money,

(b) is payable to the bearer on demand, and

(c) is designed to circulate as money.

Commencement Information

I1 S. 208 in force at 23.11.2009 by S.I. 2009/3000, art. 3

209 “Issue” U.K.

(1) For the purposes of this Part a banknote is issued when it passes—

(a) from a person who holds it not as bearer but as a person carrying on the business of banking (“the issuing bank”), and

(b) to a person taking as bearer (“the bearer”).

(2) In subsection (1)(a) the reference to a banknote passing from the issuing bank includes a reference to it passing—

(a) from the issuing bank's agent, or

(b) from a person printing or preparing the banknote for, or taking it to, the issuing bank or its agent.

(3) For the purposes of subsection (1)(b) it does not matter whether the bearer also holds the banknote for use in the business of banking.

Modifications etc. (not altering text)

C1 S. 209 excluded (8.2.2018) by The Scottish Banknote (Designation of Authorised Bank) Regulations 2018 (S.I. 2018/169), regs. 1, 7(2)

Commencement Information

I2 S. 209 in force at 23.11.2009 by S.I. 2009/3000, art. 3

210 “Authorised bank” U.K.

In this Part “authorised bank” means

[F1 (a)] a bank which immediately before commencement was authorised to issue banknotes in Scotland or Northern Ireland [F2 (unless by virtue of regulations under section 214A it is no longer an authorised bank for the purposes of this Part), or ]

[F3 (b) a bank which is designated as an authorised bank for the purposes of this Part by regulations under section 214A(1)(a).]

Textual Amendments

F1 S. 210(a): words in s. 210 renumbered as s. 210(a) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(3)(a), 41(3); S.I. 2016/627, reg. 2(1)(bb)

F2 Words in s. 210(a) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(3)(b), 41(3); S.I. 2016/627, reg. 2(1)(bb)

F3 S. 210(b) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 38(3)(c), 41(3); S.I. 2016/627, reg. 2(1)(bb)

Commencement Information

I3 S. 210 in force at 23.11.2009 by S.I. 2009/3000, art. 3

211 “Commencement” U.K.

In this Part “commencement” means the date set for the coming into force of section 212 (under the commencement power in section 263).

Commencement Information

I4 S. 211 in force at 23.11.2009 by S.I. 2009/3000, art. 3