Part 6 U.K. Banknotes: Scotland and Northern Ireland

Key terms U.K.

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.

Modifications etc. (not altering text)

C1 S. 209 excluded (8.2.2018) by The Scottish Banknote (Designation of Authorised Bank) Regulations 2018 (S.I. 2018/169), regs. 1, 7(2)

Commencement Information

I1 S. 209 in force at 23.11.2009 by S.I. 2009/3000, art. 3