[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here:  BAILII >> Databases >> Northern Irish Legislation >> BANK CHARTER ACT 1844

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

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.

© 1844 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/bca1844111/s27.html