7 & 8 VICT. 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," subject to the Rules and Regulations herein-after contained; and it shall be lawful for the Court of Directors of the said Governor and Company, if they shall think fit, to appoint a Committee or Committees of Directors for the Conduct and Management of such Issue Department of the Bank of England, and from Time to Time to remove the Members, and define, alter, and regulate the Constitution and Powers of such Committee, as they shall think fit, subject to any Bye Laws, Rules, or Regulations which may be made for that Purpose: Provided nevertheless, that the said Issue Department shall always be kept separate and distinct from the Banking Department of the said Governor and Company. II. And be it enacted, That upon the Thirty-first Day of August One thousand eight hundred and forty-four there shall be transferred, appropriated, and set apart by the said Governor and Company to the Issue Department of the Bank of England Securities to the Value of Fourteen million Pounds, whereof the Debt due by the Public to the said Governor and Company shall be and be deemed a Part; and there shall also at the same Time be transferred, appropriated, and set apart by the said Governor and Company to the said Issue Department so much of the Gold Coin and Gold and Silver Bullion then held by the Bank of England as shall not be required by the Banking Department thereof; and thereupon there shall be delivered out of the said Issue Department into the said Banking Department of the Bank of England such an Amount of Bank of England Notes as, together with the Bank of England Notes then in circulation, shall be equal to the aggregate Amount of the Securities, Coin, and Bullion so transferred to the said Issue Department of the Bank of England; and the whole Amount of Bank of England Notes then in circulation, including those delivered to the Banking Department of the Bank of England as aforesaid, shall be deemed to be issued on the Credit of such Securities, Coin, and Bullion so appropriated and set apart to the said Issue Department; and from thenceforth it shall not be lawful for the said Governor and Company to increase the Amount of Securities for the Time being in the said Issue Department, save as herein-after is mentioned, but it shall be lawful for the said Governor and Company to diminish the Amount of such Securities, and again to increase the same to any Sum not exceeding in the whole the Sum of Fourteen million Pounds, and so from Time to Time as they shall see Occasion; and from and after such Transfer and Appropriation to the said Issue Department as aforesaid it shall not be lawful for the said Governor and Company to issue Bank of England Notes, either into the Banking Department of the Bank of Eng land, land, or to any Persons or Person whatsoever, save in exchange for other Bank of England Notes, or for Gold Coin or for Gold or Silver Bullion received or purchased for the said Issue Department under the Provisions of this Act, or in exchange for Securities acquired and taken in the said Issue Department under the Provisions herein contained: Provided always, that it shall be lawful for the said Governor and Company in their Banking Department to issue all such Bank of England Notes as they shall at any Time receive from the said Issue Department or otherwise, in the same Manner in all respects as such Issue would be lawful to any other Person or Persons. Proportion of to be retained III. And whereas it is necessary to limit the Amount of 'Silver Bullion on which it shall be lawful for the Issue De'partment of the Bank of England to issue Bank of England in the Issue • Notes;' be it therefore enacted, That it shall not be lawful for Department. the Bank of England to retain in the Issue Department of the said Bank at any one Time an Amount of Silver Bullion exceeding One Fourth Part of the Gold Coin and Bullion at such Time held by the Bank of England in the Issue Department. the Issue De IV. And be it enacted, That from and after the Thirty-first All Persons Day of August One thousand eight hundred and forty-four all may demand of Persons shall be entitled to demand from the Issue Department partment Notes of the Bank of England Bank of England Notes in exchange for for Gold BulGold Bullion, at the Rate of Three Pounds Seventeen Shillings lion. and Nine-pence per Ounce of Standard Gold: Provided always, that the said Governor and Company shall in all Cases be entitled to require such Gold Bullion to be melted and assayed by Persons approved by the said Governor and Company at the Expence of the Parties tendering such Gold Bullion. ties in the Issue V. Provided always, and be it enacted, That if any Banker Power to inwho on the Sixth Day of May One thousand eight hundred and crease Securiforty-four was issuing his own Bank Notes shall cease to issue Department, his own Bank Notes, it shall be lawful for Her Majesty in and issue addiCouncil at any Time after the Cessation of such Issue, upon the tional Notes. Application of the said Governor and Company, to authorize and empower the said Governor and Company to increase the Amount of Securities in the said Issue Department beyond the total Sum or Value of Fourteen million Pounds, and thereupon to issue additional Bank of England Notes to an Amount not exceeding such increased Amount of Securities specified in such Order in Council, and so from Time to Time: Provided always, that such increased Amount of Securities specified in such Order in Council shall in no Case exceed the Proportion of Two Thirds the Amount of Bank Notes which the Banker so ceasing to issue may have been authorized to issue under the Provisions of this Act; and every such Order in Council shall be published in the next succeeding London Gazette. land. VI. And be it enacted, That an Account of the Amount of Account to be Bank of England Notes issued by the Issue Department of the rendered by the Bank of EngBank 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 De posits, Bank of Eng from Stamp Duty upon their Notes. posits, 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. VII. And be it enacted, That from and after the said Thirtyland exempted first Day of August One thousand eight hundred and forty-four the said Governor and Company of the Bank of England shall be released and discharged from the Payment of any Stamp Duty, or Composition in respect of Stamp Duty, upon or in respect of their Promissory Notes payable to Bearer on Demand; and all such Notes shall thenceforth be and continue free and wholly exempt from all Liability to any Stamp Duty what Bank to allow 180,000l. per Annum. 48 G. 3. c. 4. Bank to allow the Public the creased Circu Profits of in lation. soever. VIII. And be it enacted, That from and after the said Thirtyfirst Day of August One thousand eight hundred and forty-four the Payment or Deduction of the annual Sum of One hundred and twenty thousand Pounds, made by the said Governor and Company under the Provisions of the said Act passed in the Fourth Year of the Reign of His late Majesty King William the Fourth, out of the Sums payable to them for the Charges of Management of the public Unredeemed Debt, shall cease, and in lieu thereof the said Governor and Company, in consideration of the Privileges of exclusive Banking, and the Exemption from Stamp Duties, given to them by this Act, shall during the Continuance of such Privileges and such Exemption respectively, but no longer, deduct and allow to the Public, from the Sums now payable by Law to the said Governor and Company for the Charges of Management of the Public Unredeemed Debt, the annual Sum of One hundred and eighty thousand Pounds, any thing in any Act or Acts of Parliament, or in any Agreement, to the contrary notwithstanding: Provided always, that such Deduction shall in no respect prejudice or affect the Rights of the said Governor and Company to be paid for the Management of the Public Debt at the Rate and according to the Terms provided in an Act passed in the Forty-eighth Year of the Reign of His late Majesty King George the Third, intituled An Act to authorize the advancing for the Public Service, upon certain Conditions, a Proportion of the Balance remaining in the Bank of England, for the Payment of Unclaimed Dividends, Annuities, and Lottery Prizes, and for regulating the Allowances to be made for the Management of the National Debt. IX. And be it enacted, That in case, under the Provisions herein-before contained, the Securities held in the said Issue Department of the Bank of England shall at any Time be increased beyond the total Amount of Fourteen million Pounds, then and in each and every Year in which the same shall happen, and so long as such Increase shall continue, the said Governor and and Company shall, in addition to the said annual Sum of One hundred and eighty thousand Pounds, make a further Payment or Allowance to the Public, equal in Amount to the net Profit derived in the said Issue Department during the current Year from such additional Securities, after deducting the Amount of the Expences occasioned by the additional Issue during the same Period, which Expences shall include the Amount of any and every Composition or Payment to be made by the said Governor and Company to any Banker in consideration of the Discontinuance at any Time hereafter of the Issue of Bank Notes by such Banker; and such further Payment or Allowance to the Public by the said Governor and Company shall, in every Year while the Public shall be entitled to receive the same, be deducted from the Amount by Law payable to the said Governor and Company for the Charges of Management of the Unredeemed Public Debt, in the same Manner as the said annual Sum of One hundred and eighty thousand Pounds is hereby directed to be deducted therefrom. X. And be it enacted, That from and after the passing of this No new Bank Act no Person other than a Banker who on the Sixth Day of of Issue. 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 Notes. XI. And be it enacted, That from and after the passing of Restriction this Act it shall not be lawful for any Banker to draw, accept, against Issue of make, or issue, in England or Wales, any Bill of Exchange or Promissory Note or Engagement for the Payment of Money payable to Bearer on Demand, or to borrow, owe, or take up, in England or Wales, any Sums or Sum of Money on the Bills or Notes of such Banker payable to Bearer on Demand, save and except that it shall be lawful for any Banker who was on the Sixth Day of May One thousand eight hundred and forty-four carrying on the Business of a Banker in England or Wales, and was then lawfully issuing, in England or Wales, his own Bank Notes, under the Authority of a Licence to that Effect, to continue to issue such Notes to the Extent and under the Conditions herein-after mentioned, but not further or otherwise; and the Right of any Company or Partnership to continue to issue such Notes shall not be in any Manner prejudiced or affected by any Change which may hereafter take place in the personal Composition of such Company or Partnership, either by the Transfer of any Shares or Share therein, or by the Admission of any new Partner or Member thereto, or by the Retirement of any present Partner or Member therefrom: Provided always, that it shall not be lawful for any Company or Partnership now consisting of only Six or less than Six Persons to issue Bank Notes at any Time after the Number of Partners therein shall exceed Six in the whole. to issue Notes may not resume. XII. And be it enacted, That if any Banker in any Part of Bankers ceasing the United Kingdom who after the passing of this Act 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 Existing Banks of Issue to concertain Limita tinue under tions. 7 & 8 VICT. the Issue of Bank Notes, either by Agreement with the Governor and Company of the Bank of England or otherwise, it shall not be lawful for such Banker at any Time thereafter to issue any such Notes. XIII. And be it enacted, That every Banker claiming under this Act to continue to issue Bank Notes in England or Wales shall, within One Month next after the passing of this Act, give Notice in Writing to the Commissioners of Stamps and Taxes at their Head Office in London of such Claim, and of the Place and Name and Firm at and under which such Banker has issued such Notes during the Twelve Weeks next preceding the Twenty-seventh Day of April last; and thereupon the said Commissioners shall ascertain if such Banker was on the Sixth Day of May One thousand eight hundred and forty-four carrying on the Business of a Banker, and lawfully issuing his own Bank Notes in England or Wales, and if it shall so appear then the said Commissioners shall proceed to ascertain the average Amount of the Bank Notes of such Banker which were in circulation during the said Period of Twelve Weeks preceding the Twenty-seventh Day of April last, according to the Returns made by such Banker in pursuance of the Act passed in the Fourth and Fifth Years of the Reign of Her present Majesty, 4 & 5 Vict.c.50. intituled An Act to make further Provision relative to the Returns to be made by Banks of the Amount of their Notes in circulation ; and the said Commissioners or any Two of them shall certify under their Hands to such Banker the said average Amount, when so ascertained as aforesaid; and it shall be lawful for every such Banker to continue to issue his own Bank Notes after the passing of this Act: Provided nevertheless, that such Banker shall not at any Time after the Tenth Day of October One thousand eight hundred and forty-four have in circulation upon the Average of a Period of Four Weeks, to be ascertained as hereinafter mentioned, a greater Amount of Notes than the Amount so certified. Provision for united Banks. Duplicate Certificate to be Gazette. XIV. Provided always, and be it enacted, That if it shall be made to appear to the Commissioners of Stamps and Taxes that any Two or more Banks have, by written Contract or Agreement (which Contract or Agreement shall be produced to the said Commissioners), become united within the Twelve Weeks next preceding such Twenty-seventh Day of April as aforesaid, it shall be lawful for the said Commissioners to ascertain the average Amount of the Notes of each such Bank in the Manner herein-before directed, and to certify the average Amount of the Notes of the Two or more Banks so united as the Amount which the united Bank shall thereafter be authorized to issue, subject to the Regulations of this Act. XV. And be it enacted, That the Commissioners of Stamps and Taxes shall, at the Time of certifying to any Banker such published in the Particulars as they are herein-before required to certify, also publish a Duplicate of their Certificate thereof in the next succeeding London Gazette in which the same may be conveniently Gazette to be inserted; and the Gazette in which such Publication shall be Evidence. made |