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Banking Act 2009, Cross Heading: Key terms is up to date with all changes known to be in force on or before 17 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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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
I1S. 208 in force at 23.11.2009 by S.I. 2009/3000, art. 3
(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
I2S. 209 in force at 23.11.2009 by S.I. 2009/3000, art. 3
In this Part “authorised bank” means a bank which immediately before commencement was authorised to issue banknotes in Scotland or Northern Ireland.
Commencement Information
I3S. 210 in force at 23.11.2009 by S.I. 2009/3000, art. 3
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
I4S. 211 in force at 23.11.2009 by S.I. 2009/3000, art. 3
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