—— Pakt
Constitution of Banks.
11.
571
Sect. i. unless specially made payable there (d). Any person is entitled to demand from the Bank notes in exchange for bullion at the rate of The Bank £o 17s. 9(/. per ounce, but the melting and assaying are at the of England, expense of the person tendering the gold (e). The amount of notes which the Bank of England may issue is Amount of governed by the amount of securities and gold and silver bullion appropriated to the issue department (/). The securities and issue may, under Order in Council, be increased by two-thirds of the authorised issue of any bank ceasing to issue its own notes (c/). Where notes have not been presented for payment within forty years after issue, the amount may be written off the authorised issue, but this does not affect the liability of the Bank on such notes if
subsequently presented
(//).
A
holder with no title or a defective title cannot compel Rights of payment of a note by the Bank (i), but any person taking such note holder. honestly and for value acquires a good independent title thereto and can enforce payment (A;). A material alteration in a bank note invalidates it, even in the Alteration iio^. hands of a holder in due course. An alteration of the number is a material alteration (/).
1153.
1154. The Bank
ment
of
England has
amount
periodically to publish a state- Periodical
and of the gold bullion and securities in the issue department (m). of the
1155. The notes stamp duty {n)
of notes issued
of the
Bank
and
silver statement,
England are exempt from
of
all
.
Sub-Sect.
1156. The
3.
Restriction on Note Issue.
Bank
of England has exclusive and restrictive rights England and Wales. Within the city of London and a three-mile radius, measured from the Eoyal Exchange, it has the monopoly (o).
as to note issue in
Outside that radius
from London the right {d) {e)
[q]
Ibid.,
(h)
Bank
(i)
and within a radius shared with banks of
is
Bank of England Act, 1833 (3 & 4 Will. 4, c. 98), Bank Charter Act, 1844 (7 & 8 Vict. c. 32), s. 4.
(/) lUd.,
s.
of
miles persons
sixty-five
six or less 6.
s. 2.
s.
5.
Act, 1892 (55
Raphael
v.
Bank
to the proposition that of right, even to coin.
of
&
56 Vict.
c.
48),
s.
England (1855), 17
6.
C. B. 161, is not really
bank notes are currency.
Honest acquisition
an exception is
a condition
Compare Siiffell v. la Chaumette v. Bank of England (1829), 9 B. & C. 208. Ransted v. Bank of England of England (1882), 9 Q, B. D. 555, at p. 567 (1900), Journal of Institute of Bankers, Vol. XXL, p. 157. {I) Suffell V. Bank of England, supra, which is not affected by the proviso to sect. 64 of the Bills of Exchange Act, 1882 (45 & 46 Vict. c. 61). See Leeds Bank v. Walker (1883), 11 Q. B. D. 84, 90. (m) Bank Charter Act, 1844 (7 & 8 Vict. c. 32), s. 6, and Sched. A. Stamp Act, 1891 (54 & 55 Vict. c. 39), Sched. I., Bills of (n) Ibid., s. 7 {k)
Exempti:ion from stamp
De
Bank
Exchange, Exemption 1. See title Eevenue, Capital and Counties Bank v. (o) Bank Notes Act, 1828 (9 Geo. 4, c. 23), s. 1 Bank of England (1889), 61 L. T. blQ,per Bowen, L.J., at p. 517 Bank Charter Act, 1844 (7 & 8 Vict. c. 32), ss. 10, 11. It is theoretically lawful for a bank of not more than six partners lawfully issuing notes within these limits on May 6, 1844, to continue doing so, but apparently there was none such at that date.
Banks issuing notes.
