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BANK CHARTER ACT 1844

BANK CHARTER ACT 1844 - LONG TITLE

An Act to regulate the Issue of Bank Notes, and for giving to the
Bank of England certain Privileges for a limited Period.{1}
[19th July 1844]
Preamble, which recites the Bank of England Act 1833 (c.98), rep.
by SLR 1891[

BANK CHARTER ACT 1844 - SECT 1
Bank of England to establish a separate department for the issue of
promissory notes payable on demand; to be called the ""Issue
Department.''

1.] The issue of promissory notes of the governor and company of
the Bank of England, payable on demand, shall be separated and
thenceforth kept wholly distinct from the general banking business of
the said governor and company; and the business of and relating to
such issue shall be thenceforth conducted and carried on by the
said governor and company in a separate department, to be called
"the Issue Department of the Bank of England," ....

Ss.2, 3 rep. by 1928 c.13 s.13(4) sch. S.4 rep. by 1939 c.7
ss.4(2), 5(3) sch. S.5 rep. by 1928 c.13 s.13(4) sch.

BANK CHARTER ACT 1844 - SECT 6
Weekly account in form in schedule (A.) to be rendered by the Bank
of England.

6. An account of the amount of Bank of England notes issued by
the issue department of the Bank of England, and of gold coin and
of gold and silver bullion respectively, and of securities, in the
said issue department, and also an account of the capital stock,
and the deposits, and of the money and securities belonging to the
said governor and company in the banking department of the Bank of
England, on some day in every week to be fixed by the
commissioners of stamps and taxes, shall be transmitted by the said
governor and company weekly to the said commissioners in the form
prescribed in the schedule hereto annexed marked (A), and shall be
published by the said commissioners in the next succeeding London
Gazette in which the same may be conveniently inserted.

S.7 rep. by 1972 c.41 s.134 sch.28 Pt.XI. S.8 rep. by SLR 1874
(No. 2). S.9 rep. by 1928 c.13 s.13(4) sch.

BANK CHARTER ACT 1844 - SECT 10
No banker not issuing notes on 6th May 1844, to issue notes
hereafter.

10. No person other than a banker who on the sixth day of May
one thousand eight hundred and forty-four was lawfully issuing his
own bank notes shall make or issue bank notes in any part of the
United Kingdom.

BANK CHARTER ACT 1844 - SECT 12
Bankers hereafter ceasing to issue notes may not resume.

12. If any banker in any part of the United Kingdom who shall be
entitled to issue bank notes shall become bankrupt, or shall cease
to carry on the business of a banker, or shall discontinue the
issue of bank notes, either by agreement with the Bank of England
or otherwise, it shall not be lawful for such banker at any time
thereafter to issue any such notes.

BANK CHARTER ACT 1844 - SECT 27
Duration of privileges of Bank of England.

27. The Bank of England shall have and enjoy such exclusive
privilege of banking as is given by this Act, upon such terms and
conditions, and subject to the termination thereof at such time and
in such manner, as is by this Act provided and specified; and all
and every the powers and authorities, franchises, privileges, and
advantages, given or recognized by the Bank of England Act, 1833,
as belonging to or enjoyed by the Bank of England, or by any
subsequent Act or Acts of Parliament, shall be and the same are
hereby declared to be in full force, and continued by this Act,
except so far as the same are altered by this Act; subject
nevertheless to redemption upon the terms and conditions following;
(that is to say,) at any time upon twelve months' notice, and upon
repayment by Parliament to the said governor and company or their
successors of the sum of eleven million fifteen thousand and one
hundred pounds, being the debt now due from the public to the said
governor and company, without any deduction, discount, or abatement
whatsoever, and upon payment to the said governor and company and
their successors of all arrears of the sum of one hundred thousand
pounds per annum, in the last-mentioned Act mentioned, together with
the interest or annuities payable upon the said debt or in respect
thereof, and also upon repayment of all the principal and interest
which shall be owing unto the said governor and company and their
successors upon all such tallies, Exchequer orders, Exchequer bills,
or parliamentary funds which the said governor and company or their
successors shall have remaining in their hands or be entitled to at
the time of such notice to be given as last aforesaid, then and
in such case, and not till then, the said exclusive privileges of
banking granted by this Act shall cease and determine at the
expiration of such notice of twelve months; and any vote or
resolution of the House of Commons, signified under the hand of the
speaker of the said House in writing, and delivered at the public
office of the said governor and company, shall be deemed and
adjudged to be a sufficient notice.

BANK CHARTER ACT 1844 - SECT 28
Interpretation clause.

28. ... in this Act ... the term "Bank of England notes" shall
extend and apply to the promissory notes of the Bank of England
payable to bearer on demand; and the term "banker" shall extend and
apply to all corporations, societies, partnerships, and persons, and
every individual person, carrying on the business of banking, whether
by the issue of bank notes or otherwise, except only the Bank of
England; and the word "person" used in this Act shall include
corporations; and the singular number in this Act shall include the
plural number, and the plural number the singular, except where
there is any thing in the context repugnant to such construction;
and the masculine gender in this Act shall include the feminine,
except where there is any thing in the context repugnant to such
construction.

S.29 rep. by SLR 1874 (No. 2)

AN Account pursuant to the Act 7 & 8 Vict. Cap. 32 for the Week
ending on the day of .

Dated the day of 18.

Banking Department ##Proprietors capital

(including dead weight

annuity)

Exchequer, saving banks,

commissioners of national

debt, and dividend

accounts)

Dated the day of 18.






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