Banking Act 2009

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.

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 a bank which immediately before commencement was authorised to issue banknotes in Scotland or Northern Ireland.

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