Bank Notes (Scotland) Act 1845
| Jurisdiction | UK Non-devolved |
| Citation | 1845 c. 38 |
| Year | 1845 |
(8 & 9 Vict.) C A P. XXXVIII.
[21st July 1845]
'WHEREAS by an Act made and passed in the Eighth Year of the Reign of Her Majesty, intituled An Act to regulate the Issue of Bank Notes, and for giving to the Governor and Company of the Bank ofEnglandcertain Privileges for a limited Period , it was enacted, that from and after the passing of that Act 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, should make or issue Bank Notes in any Part of the United Kingdom: And whereas it is expedient to regulate the Issue of Bank Notes by such Bankers as are now by Law authorised to issue the same in Scotland: ' Be it therefore enacted by the Queen's most Excellent Majesty, by and with the Advice and Consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the Authority of the same, Thatevery Banker claiming to be entitled to issue Bank Notes inScotland 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 in Scotland during the Year next preceding the First Day of May One thousand eight hundred and forty-five, and thereupon the said Commissioners shall ascertain if such Banker was on the Sixth Day of May One thousand eight hundred and forty-four, and from thence up to the First Day of May One thousand eight hundred and forty-five, carrying on the Businessof a Banker and lawfully issuing his own Bank Notes inScotland , 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 One Year preceding the First Day ofMay One thousand eight hundred and forty-five, 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, 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 average Amount when so ascertained as aforesaid, omitting the Fractions of a Pound, if any; and it shall be lawful for every such Banker to continue to issue his own Bank Notes after the Sixth Day ofDecember One thousand eight hundred and forty-five, to the Extent of the Amount so certified, and of the Amount of Gold and Silver Coin held by such Banker at the head Office or principal Place of Issue of such Banker, in the Proportion and Manner herein-after mentioned, but not to any further Extent; and from and after the Sixth Day of December One thousand eight hundred and forty-five it shall not be lawful for any Banker to make or issue Bank Notes in Scotland , save and except only such Bankers as shall have obtained such Certificate from the Commissioners of Stamps and Taxes.
II Provision for united Banks.
II. 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 Year next preceding such First Day ofMay One thousand eight hundred and forty-five, 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 a Sum equal to 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.
III Duplicate of Certificate to be published in the Gazette.
III. And be it enacted, That the Commissioners of Stamps and Taxes shall, at the Time of certifying to any Banker such Particulars as they are herein-before required to certify, also publish a Duplicate of their Certificate thereof in the next succeedingLondon Gazette in which the same may be conveniently inserted; and the Gazette in which such Publication shall be made shall be conclusive Evidence in all Courtswhatsoever of the Amount of Bank Notes which the Banker named in such Certificate or Duplicate is by Law authorized to issue and to have in Circulation as aforesaid, exclusive of an Amount equal to the monthly average Amount of the Gold and Silver Coin held by such Banker as herein provided.
IV In case Banks become united, Commissioners to certify the Amount of Bank Notes which each Bank was authorized to issue.
IV. And be it enacted, That in case it shall be made to appear to the Commissioners of Stamps and Taxes, at any Time hereafter, 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 subsequently to the passing of this Act, it shall be lawful to the said Commissioners, upon the Application of such united Bank, to certify in manner herein-before mentioned the Aggregate of the Amount of Bank Notes which such separate Banks were previously authorized to issue under the separate Certificates previously delivered to them, and so from Time to Time; and every such Certificate shall be published in manner herein-before directed, and from and after such Publication the Amount therein stated shall be and be deemed to be the Limit of the Amount of Bank Notes which such united Bank may have in Circulation, exclusive of an Amount equal to the monthly average Amount of the Gold and Silver Coin held by such Bank, as herein provided.
V Issue of Notes for fractional Parts of a Pound prohibited.
V. And be it enacted, That all Bank Notes to be issued or re-issued inScotland shall be expressed to be for Payment of a Sum in Pounds Sterling, without any fractional Parts of a Pound; and if any Banker in Scotland shall, from and after the Sixth Day of December One thousand eight hundred and forty-five, make, sign, issue, or re-issue any Bank Note for the fractional Part of a Pound Sterling, or for any Sum together with the fractional Part of a Pound Sterling, every such Banker so making, signing, issuing, or re-issuing any such Note as aforesaid shall for each Note so made, signed, issued, or re-issued forfeit or pay the Sum of Twenty Pounds.
VI Limitation of Bank Notes in Circulation.
VI. And be it enacted, That from and after the Sixth Day ofDecember One thousand eight hundred and forty-five it shall not be lawful for any Banker in Scotland to have in Circulation, upon the Average of a Period of Four Weeks, to be ascertained as herein-after mentioned, a greater Amount of Notes than an Amount composed of the Sum certified by the Commissioners of Stamps and Taxes as aforesaid and the monthly average Amount of Gold and Silver Coin held by such Banker at the head Office or principal Place of Issue of such Banker during the same Period of Four Weeks, to be ascertained in manner herein-after mentioned.
VII Issuing Banks to render Accounts weekly.
VII. And be it enacted, That every Banker who after the Sixth Day ofDecember One thousand eight hundred and forty-five shall issue Bank Notes in Scotland shall, on some One Day in every Week after the Thirteenth Day of December One thousand eight hundred and forty-five (such Day to be fixed by the Commissioners of Stamps and Taxes), transmit to the said Commissioners a just and true Account of the Amount of Bank Notes of such Banker in Circulation at the Close of the Business on the next preceding Saturday , distinguishing the Notes of Five Pounds and upwards, and the Notes below Five Pounds, and also an Account of the total Amount of Gold and Silver Coin held by such Banker at the head Office or principal Place of Issue in Scotland of such Banker at the Close of Business on each Day of the Week ending on the same Saturday , and also an Account of the total Amount of Gold and Silver Coin in Scotland held by such Banker at the Close of Business on that Day; and on completing the first Period of Four Weeks, and so on completing each successive Period of Four Weeks, every such Banker shall annex to such Account the average Amount of Bank Notes of such Banker in Circulation during the said Four Weeks, distinguishing the Bank Notes of Five Pounds and upwards and the Notes below Five Pounds, and the average Amount of Gold and Silver Coin respectively held by such Banker at the head Office or principal Place of Issue inScotland of such Banker during the said Four Weeks, and also the Amount of Bank Notes which such Banker is, by the Certificate published as aforesaid in the London Gazette , authorized to issue under the Provisions of this Act; and every such Account shall specify the head Office or principal Places of Issue in Scotland of such Banker, and shall be verified by the Signature of such Banker or his Chief Cashier, or in case of a Company or Partnership by the Signature of the Chief Cashier or other Officer duly authorized by the Directors of such Company or Partnership, and shall be made in the Form to this Act annexed marked (A.); and if any such...
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