—
Bankers and Banking.
570
Part Sect.
—
II.
— Constitution
Sect.
1.
The Bank
1.
of Banks.
The Bank of England.
Sub-Sect.
1.
Constitution.
of England. Grovernor and
Company the Bank
of of
England.
Capital etc.
1150. In 1694, by Act of Parliament (m) and letters patent authorised thereby {n), the subscribers and contributors to a Government loan of dBl, 200,000, their heirs, successors, and assigns, were constituted a body corporate and politic by the name of the Governor and Company of the Bank of England, with perpetual succession and a common seal. The annual sum of dGlOOjOOO charged on Government revenues was appropriated to the benefit of such corporation, being 8 per cent, on the amount subscribed and ^£4,000 a year for management (o). Additional capital has from time to time been authorised, and the total now amounts to i>14, 553,000, the proprietors of which The internal affairs of the corporaconstitute the corporation. tion are now governed by charter granted under parliamentary
powers Transfers in books of the
Bank. Branches.
(j:>).
Consols and most Government stocks are transferred by means of the books of the Bank of England {q). 1151. The Bank of England has statutory power to establish branches in any part of England, provided notes issued at such branch are made payable there as well as in London {r). Sub-Sect.
Circulation of notes.
1152. The notes England and Wales
2.
Bank
Note Issue.
England are
legal tender in except when tendered by the Bank itself or a branch thereof, so long as the Bank continues to pay its notes in legal issue on demand (s). They are not legal tender in Scotland (^) or Ireland (a), but their circulation is not forbidden in either case. A Bank of England note is part of the currency of the country (b). The liability of the Bank on its notes All notes, whether issued is not affected by any lapse of time (c). by the Bank of England itself or by a branch bank, are payable at the Bank of England in London, but not at any of its branches
(m) ill)
(o)
of the
for
sums over
of
i:5,
Bank of England Act, 1694 (5 W. & M. c. 20), s. Dated July 27, 1694. Bank of England Act, 1694 (5 W. & M. c. 20), s.
Bank As to
19.
17,
and
charter,
Act, 1892 (55 & 56 Vict. c. 48). liability to the Bank by presentation of forged power of attorney, (g) see Starkey v. Bank of England, [1903] A. C. 114; by stockbroker identifying the wrong person as transferor, Bank of England v. Cutler, [1907] 1 K. B. 889. (r) Country Bankers Act, 1826 (7 Geo. 4, c. 46), s. 15. (s) Bank of England Act, 1833 (3 & 4 Will. 4, c. 98), s. 6. (0 Bank Notes Issue Eegulation (Scotland) Act, 1845 (8 & 9 Vict. c. 38), (jo)
-
15.
s.
(a) (&) -
(c)
Bankers (Ireland) Act, 1845 (8 & 9 Vict. c. 37), s. 6. V. Bank of England (1882), 9 Q. B. D. 555, at p. 563. See Bank Act, 1892 (55 & 56 Vict. c. 48), s. 6, the reason assigned being that Sufell
they are part of the actual currency of the country.
