Currency and Bank Notes Act 1928

1 Amendment with respect to powers of Bank of England to issue bank notes

(1) Notwithstanding anything in any Act—

(a) the Bank may issue bank notes for one pound and for ten shillings :

(b) any such bank notes may be issued at any place out of London without being made payable at that place, and wherever issued shall be payable only at the head office of the Bank:

(c) any such bank notes may be put into circulation in Scotland and Northern Ireland, and shall be current and legal tender in Scotland and Northern Ireland as in England.

(2) Section six of the [3 & 4 Will. 4. c. 98.] Bank of England Act, 1833 (which provides that bank notes shall be legal tender), shall have effect as if for the words " shall be a legal tender " to the amount expressed in such note or notes and " shall be taken to be valid as a tender to such amount " for all sums above five pounds on all occasions on " which any tender of money may be legally made " there were substituted the words " shall be legal tender for the payment of any amount. "

(3) The following provisions shall have effect so long as subsection (1) of section one of the [15 & 16 Geo. 5. c. 29.] Gold Standard Act, 1925, remains in force—

(a) notwithstanding anything in the proviso to section six of the Bank of England Act, 1833, bank notes for one pound or ten shillings shall be deemed a legal tender of payment by the Bank or any branch of the Bank, including payment of bank notes:

(b) the holders of bank notes for five pounds and upwards shall be entitled, on a demand made at any time during office hours at the head office of the Bank or, in the case of notes payable at a branch of the Bank, either at the head office or at that branch, to require in exchange for the said bank notes for five pounds and upwards bank notes for one pound or ten shillings.

(4) The Bank shall have power, on giving not less than three months' notice in the London, Edinburgh and Belfast Gazettes, to call in the bank notes for one pound or ten shillings of any series on exchanging them for bank notes of the same value of a new series.

(5) Notwithstanding anything in section eight of the [1 & 2 Will. 4. c. 37.] Truck Act, 1831, the payment of wages in bank notes of one pound or ten shillings shall be valid, whether the workman does or does not consent thereto.