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Currency and Banknotes Act 1928

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Currency and Banknotes Act 1928

1928 CHAPTER 13 18 and 19 Geo 5

An Act to amend the law relating to the issue of bank notes by the Bank of England and by banks in Scotland and Northern Ireland, and to provide for the transfer to the Bank of England of the currency notes issue and of the assets appropriated for the redemption thereof, and to make certain provisions with respect to gold reserves and otherwise in connection with the matters aforesaid and to prevent the defacement of bank notes.

[2nd July 1928]

1, 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1E+W+S+N.I.

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Amendments (Textual)

3 Securities for note issue to be held in issue department. E+W+S+N.I.

(1)In addition to the gold coin and bullion for the time being in the issue department, the Bank shall from time to time appropriate to and hold in the issue department securities of an amount in value sufficient to cover the fiduciary note issue for the time being.

(2)The securities to be held as aforesaid may include silver coin to an amount not exceeding five and one-half million pounds.

(3)The Bank shall from time to time give to the Treasury such information as the Treasury may require with respect to the securities held in the issue department, . . . F2

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Amendments (Textual)

Modifications etc. (not altering text)

4 Transfer of currency notes issue to Bank of England.E+W+S+N.I.

(1)As from the appointed day all currency notes issued under the M1Currency and Bank Notes Act 1914, certified by the Treasury to be outstanding on that date (including currency notes covered by certificates issued to any persons under section two of the M2Currency and Bank Notes (Amendment) Act 1914, but not including currency notes called in but not cancelled) shall, for the purpose of the enactments relating to bank notes and the issue thereof (including this Act) be deemed to be bank notes, and the Bank shall be liable in respect thereof accordingly.

(2)The currency notes to which subsection (1) of this section applies are in this Act referred to as “the transferred currency notes.

(3)At any time after the appointed day, the Bank shall have power, on giving not less than three months’ notice in the London, Edinburgh and Belfast Gazettes, to call in the transferred currency notes on exchanging them for bank notes of the same value.

(4)Any currency notes called in but not cancelled before the appointed day may be exchanged for bank notes of the same value.

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Marginal Citations

5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3E+W+S+N.I.

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Amendments (Textual)

6 Profits of note issue to be paid to Treasury.E+W+S+N.I.

(1)The Bank shall, at such times and in such manner as may be agreed between the Treasury and the Bank, pay to the Treasury an amount equal to the profits arising in respect of each year in the issue department, including the amount of any bank notes written off under section six of the M3Bank Act 1892 as amended by this Act [F4or under section 3 of the Currency Act 1983], but less the amount of any bank notes so written off which have been presented for payment during the year and the amount of any currency notes called in but not cancelled before the appointed day which have been so presented.

(2)For the purposes of this section the amount of the profits arising in any year in the issue department shall, subject as aforesaid, be ascertained in such manner as may be agreed between the Bank and Treasury.

(3)For the purposes of the Income Tax Acts, any income of, or attributable to, the issue department shall be deemed to be income of the Exchequer, and any expenses of, or attributable to, the issue department shall be deemed not to be expenses of the Bank.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5

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Amendments (Textual)

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7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F6E+W+S+N.I.

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Amendments (Textual)

8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7E+W+S+N.I.

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Amendments (Textual)

9 Amendment as to issue of notes by banks in Scotland and Northern Ireland.E+W+S+N.I.

(1)For the purpose of any enactment which in the case of a bank in Scotland or Northern Ireland limits by reference to the amount of gold and silver coin held by any such bank the amount of the notes which that bank may have in circulation, bank notes held by that bank or by the Bank on account of that bank, shall be treated as being gold coin held by that bank.

(2)A bank in Scotland or Northern Ireland may hold the coin and bank notes by reference to which the amount of the bank notes which it is entitled to have in circulation is limited at such of its offices in Scotland or Northern Ireland, respectively, not exceeding two, as may from time to time be approved by the Treasury.

10 Amendment of s. 6 of 7 & 8 Vict. c. 32.E+W+S+N.I.

The form prescribed by Schedule A to the M4Bank Charter Act 1844 for the account to be issued weekly by the Bank under section six of that Act may be modified to such an extent as the Treasury, with the concurrence of the Bank, consider necessary, having regard to the provisions of this Act.

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Marginal Citations

11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8E+W+S+N.I.

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

12 Penalty for defacing bank notes.E+W+S+N.I.

If any person prints or stamps, or by any like means impresses, on any bank note any words, letters or figures, he shall, in respect of each offence, be liable on summary conviction to a penalty not exceeding [F9level 1 on the standard scale].

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Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.

Amendments (Textual)

13†Short title, interpretation and repeal.E+W+S+N.I.

(1)This Act may be cited as the Currency and Bank Notes Act 1928.

(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

(3)In this Act, unless the context otherwise requires,—

  • The expression “the Bank” means the Bank of England:

  • The expression “issue department” means the issue department of the Bank:

  • The expression “bank note” means a note of the Bank:

  • The expression “coin” means coin which is current and legal tender in the United Kingdom:

  • The expression “bullion” includes any coin which is not current and legal tender in the United Kingdom.

(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F10

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Amendments (Textual)

Modifications etc. (not altering text)

C5Unreliable marginal note

F11F11SCHEDULEE+W+S+N.I.

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Amendments (Textual)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F11

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