- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/06/1998)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/03/2017
Point in time view as at 01/06/1998.
There are currently no known outstanding effects for the Bank of England Act 1946.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)On the appointed day—
(a)the whole of the existing capital stock of the Bank (hereinafter referred to as “Bank stock”) shall, by virtue of this section, be transferred, free of all trusts, liabilities and incumbrances, to such person as the Treasury may by order nominate, to be held by that person on behalf of the Treasury;
(b)the Treasury shall issue, to the person who immediately before the appointed day is registered in the books of the Bank as the holder of any Bank stock, the equivalent amount of stock created by the Treasury for the purpose (hereinafter referred to as the “Government stock”).
(2)The Government stock shall bear interest at the rate of three per cent. per annum; and the equivalent amount of Government stock shall, in relation to any person, be taken to be such that the sum payable annually by way of interest thereon is equal to the average annual gross dividend declared during the period of twenty years immediately preceding the thirty-first day of March, nineteen hundred and forty-five, upon the amount of Bank stock of which that person was the registered holder immediately before the appointed day.
(3)The Government stock may be redeemed at par by the Treasury on or at any time after the fifth day of April, nineteen hundred and sixty-six, after giving not less than three months’ notice in the London Gazette of their intention to do so.
(4)After the appointed day, no dividends on Bank stock shall be declared but in lieu of any such dividends the Bank shall pay to the Treasury, on every fifth day of April and of October, [F1a sum equal to 25 per cent. of the Bank’s net profits for its previous financial year, or such other sum as the Treasury and the Bank may agree.]
(5)The incidental and supplemental provisions set out in the First Schedule to this Act shall have effect with respect to the Government stock and to the sums payable to the Treasury under the last foregoing subsection.
[F2(6)In subsection (4) of this section, the reference to the Bank’s net profits for its previous financial year is to the profits shown in the audited accounts for that year less the amount of the tax charge so shown.]
Textual Amendments
F1Words in s. 1(4) substituted (1.6.1998) by 1998 c. 11, s. 8(1); S.I. 1998/1120, art. 2
F2S. 1(6) inserted (1.6.1998) by 1998 c. 11, s. 8(2); S.I. 1998/1120, art. 2
Textual Amendments
F3S. 2 repealed (1.6.1998) by 1998 c. 11, s. 43, Sch. 9 Pt.I; S.I. 1998/1120, art.2
(1)So much of any enactment as limits the duration of the Bank as a body corporate shall cease to have effect.
(2)As from the appointed day every member of the court of directors of the Bank shall be a member of the said body corporate, notwithstanding that he holds no Bank stock, and accordingly the members of the said body shall be the members for the time being of that court together with the person who for the time being holds the Bank stock on behalf of the Treasury.
(3)As from the appointed day His Majesty may revoke all or any of the provisions of the charters of the Bank except in so far as they incorporate the Bank, and thereafter, subject to the provisions of this Act [F4and the Bank of England Act 1998], the Bank shall be constituted and regulated in accordance with so much of the said charters as remains unrevoked and such other charters as may from time to time be granted by His Majesty and accepted on behalf of the Bank by the court of directors.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F5
Textual Amendments
F4Words in s. 3(3) inserted (1.6.1998) by 1998 c. 11, s. 9(3); S.I. 1998/1120, art.2
F5Ss. 3(4), 4(8), Sch. 3 repealed by Statute Law Revision Act 1950 (c. 6)
(1)The Treasury may from time to time give such directions to the Bank as, after consultation with the Governor of the Bank, they think necessary in the public interest [F6, except in relation to monetary policy].
F7(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3)The Bank, if they think it necessary in the public interest, may request information from and make recommendations to bankers, and may, if so authorised by the Treasury, issue directions to any banker for the purpose of securing that effect is given to any such request or recommendation:
Provided that:—
(a)no such request or recommendations shall be made with respect to the affairs of any particular customer of a banker; and
(b)before authorising the issue of any such directions the Treasury shall give the banker concerned, or such person as appears to them to represent him, an opportunity of making representations with respect thereto.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F8
(6)In this section the expression “banker” means any such person carrying on a banking undertaking as may be declared by order of the Treasury to be a banker for the purposes of this section.
(7)Any order made under the last foregoing subsection may be varied or revoked by a subsequent order.
(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9
Textual Amendments
F6Words in s. 4(1) inserted (1.6.1998) by 1998 c. 11, s.10; S.I. 1998/1120, art.2
F7S. 4(2) repealed (1.6.1998) by 1998 c. 11, s. 43, Sch. 9 Pt. I; S.I. 1998/1120, art.2
F8S. 4(4)(5) repealed by Official Secrets Act 1989 (c. 6, SIF 39:2), s. 16(4), Sch. 2
F9Ss. 3(4), 4(8), Sch. 3 repealed by Statute Law Revision Act 1950 (c. 6)
For the purposes of this Act—
(a)the expression “the Bank” means the Bank of England;
(b)the appointed day shall be such day as the Treasury may by order appoint, . . . F10
Textual Amendments
F10Words repealed by Statute Law (Repeals) Act 1976 (c. 16), Sch. 1 Pt. XI
This Act may be cited as the Bank of England Act 1946.
Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
Gwreiddiol (Fel y’i Deddfwyd neu y’i Gwnaed): Mae'r wreiddiol fersiwn y ddeddfwriaeth fel ag yr oedd pan gafodd ei deddfu neu eu gwneud. Ni wnaed unrhyw newidiadau i’r testun.
Pwynt Penodol mewn Amser: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Rhychwant ddaearyddol: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Dangos Llinell Amser Newidiadau: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Gallwch wneud defnydd o ddogfennau atodol hanfodol a gwybodaeth ar gyfer yr eitem ddeddfwriaeth o’r tab hwn. Yn ddibynnol ar yr eitem ddeddfwriaeth sydd i’w gweld, gallai hyn gynnwys:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Defnyddiwch y ddewislen hon i agor dogfennau hanfodol sy’n cyd-fynd â’r ddeddfwriaeth a gwybodaeth am yr eitem hon o ddeddfwriaeth. Gan ddibynnu ar yr eitem o ddeddfwriaeth sy’n cael ei gweld gall hyn gynnwys:
liciwch ‘Gweld Mwy’ neu ddewis ‘Rhagor o Adnoddau’ am wybodaeth ychwanegol gan gynnwys