Bank of England Act 1833
| Jurisdiction | UK Non-devolved |
| Citation | 1833 c. 98 |
| Year | 1833 |
(3 & 4 Will. 4) C A P. XCVIII.
[29th August 1833]
'WHEREAS an Act was passed in the Thirty-ninth and Fortieth Years of the Reign of His Majesty KingGeorge the Third, intituled Englandfor advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred : And whereas it was by the said recited Act declared and enacted, that the said Governor and Company should be and continue a Corporation, with such Powers, Authorities, Emoluments, Profits, and Advantages, and such Privileges of exclusive Banking as are in the said recited Act specified, subject nevertheless to the Powers and Conditions of Redemption, and on the Terms in the said Act mentioned: And whereas an Act passed in the Seventh Year of the Reign of His late Majesty King George the Fourth, intituled Englandfor advancing the Sum of Three Millions towards the Supply for the Service of the Year One thousand eight hundred,’ as relates to the same : And whereas it is expedient that certain Privileges of exclusive Banking should be continued to the said Governor and Company for a further limited Period, upon certain Conditions: And whereas the said Governor and Company of the Bank of England are willing to deduct and allow to the Public, from the Sums now payable to the said Governor and Company for the Charges of Management of the Public Unredeemed Debt, the annual Sum herein-after mentioned, and for the Period in this Act specified, provided the Privilege of exclusive Banking specified in this Act is continued to the said Governor and Company for the Period specified in this Act:' May it therefore please Your Majesty that it may be enacted; and be it enacted by the King'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 Authorityof the same, That the said Governor and Company of the Bank ofEngland shall have and enjoy such exclusive Privilege of Banking as is given by this Act as a Body Corporate, for the Period and upon the Terms and Conditions herein-after mentioned, and subject to Termination of such exclusive Privilege at the Time and in the Manner in this Act specified.
II During such Privilege, no Banking Company of more than Six Persons to issue Notes payable on Demand within London, or Sixty-five Miles thereof.
II. And be it further enacted, That during the Continuance of the said Privilege, no Body Politic or Corporate, and no Society or Company, or Persons united or to be united in Covenants or Partnerships, exceeding Six Persons, shall make or issue inLondon , or within Sixty-five Miles thereof, any Bill of Exchange or Promissory Note, or Engagement for the Payment of Money on Demand, or upon which any Person holding the same may obtain Payment on Demand: Provided always, that nothing herein or in the said recited Act of the Seventh Year of the Reign of His late Majesty KingGeorge the Fourth contained shall be construed to prevent any Body Politic or Corporate, or any Society or Company, or Incorporated Company or Corporation, or Co-partnership, carrying on and transacting Banking Business at any greater Distance than Sixty-five Miles from London , and not having any House of Business or Establishment as Bunkers in London , or within Sixty-five Miles thereof (except as herein-after mentioned), to make and issue their Bills and Notes, payable on Demand or otherwise, at the Place at which the same shall be issued, being more than Sixty-five Miles from London , and also in London , and to have an Agent or Agents in London , or at any other Place at which such Bills or Notes shall be made payable for the Purpose of Payment only, but no such Bill or Note shall be for any Sum less than Five Pounds, or be re-issued in London , or within Sixty-five Miles thereof.
III Any Company or Partnership may carry on Business of Banking in London, or within 65 Miles thereof, upon the Terms herein mentioned.
III. 'And whereas the Intention of this Act is, that the Governor and Company of the Bank ofEngland should, during the Period stated in this Act (subject nevertheless to such Redemption as is described in this Act), continue to hold and enjoy all the exclusive Privileges of Banking given by the said recited Act of the Thirty-ninth and Fortieth Years of the Reign of His Majesty King George the Third aforesaid, as regulated by the said recited Act of the Seventh Year of His late Majesty King George the Fourth, or any prior or subsequent Act or Acts of Parliament, but no other or further exclusive Privilege of Banking: And whereas Doubts have arisen as to the Construction of the said Acts, and as to the Extent of such exclusive Privilege; and it is expedient that all such Doubts should be removed;' be it therefore declared and enacted, That any Body Politic or Corporate, or Society, or Company, or Partnership, although consisting of more than Six Persons, may carry on the Trade or Business of Banking in London , or within Sixty-five Miles thereof, provided that such Body Politic or Corporate, or Society, or Company, or Partnership do not borrow, owe, or take up in England any Sum or Sums of Money on their Mills or Notes payable on Demand, or at any less Time than Six Months from the borrowing thereof, during the Continuance of the Privileges granted by this Act to the said Governor and Company of the...
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