— Part
II.
Constitution of Banks.
57B
Sect. i. Similarly the right to the annual compensation which the Bank England has to pay to banks which have voluntarily surrendered The Bank their right to issue notes is lost by the absorption of the compensated of England, bank, but not by its absorption of others (c?).
of
1158. Banks issuing notes have to render weekly statements showing the notes in circulation each day and the average circalaEvery four weeks the statement must further tion in the week. show the average in circulation during that period, and the The average circulation on the four weeks authorised issue (e) must not exceed the certified amount of the authorised issue, under
statement of note issue,
.
a penalty equal to the excess (/).
1159. Bankers, other than the Bank of England, issuing notes Licence for must, on or before October the 10th in every year, take out a licence, issue of notes, The licence may be for the issue of stamped notes costing £Q0. only for sums not exceeding £100 (g) or for the issue of unstamped notes {h), the stamp duty being compounded for at 8s. 6d. the ^BlOO of note value, but tlie banker must give security by bond for the due performance of certain conditions (i). If a banker holding a licence of the former class obtains one of the latter class, his right to issue stamped notes is not extinguished (/.;), but is covered by the one licence. The licence is issued by the Commissioners of Inland Kevenue (l), A separate licence must be taken out in respect of each town or place where notes are issued, but bankers who on May 6, 1844, held four licences, need not take out more than four in respect of the number of places at which they were at that date Names and addresses of the partners, or the issuing notes {m). proper name and description of the corporation to which a licence is granted, with other particulars, are to be set out in the licence (n), but where a partnership consists of more than six persons, particulars need only be specified as to six (o). A bank note issued duly stamped or issued unstamped by a banker stamps, duly licensed to issue unstamped notes may be from time to time The licence re-issued without being liable to fresh stamp duty {jj). is not affected by a change during its currency in the composition of the partnership {q), but a new bond must be entered into for payment of the composition, unless the co-partnership exceeds six in number (/•). and Counties Banh v. Bank of England (1889), 61 L. T. 516 (absorpby compensated bank) Prescott, Dimsdale <& Co, v. Bank of England, [1894]
{d) Capital
tion
B. 351 (absorption of compensated bank). (g) Bank Charter Act, 1844 (7 & 8 Vict. c. 32),
1 Q.
(/) Ibid.,
s.
(g)
Stamp
(/i)
Bank Notes
{i)
Ibid.,
{k)
Ibid.,
s.
18.
17.
Act, 1815 (55 Geo. 3, c. 184), s. 24 Act, 1828 (9 Geo. 4, c. 23), s.
1
s. 7. s. 5.
Inland Revenue Board Act, 1849 (12 2 (m) Bank Notes Act, 1828 (9 Geo. 4, c. 23), s. 3 (0 Ibid.,
(7
&
8 Vict.
s.
c.
32),
s.
&
13 Vict.
c. 1), s. 3.
Bank Charter
Act, 1844
22.
The particulars are to be those (n) Bank Notes Act, 1828 (9 Geo. 4, c. 23). required by the Country Bankers Act, 1826 (7 Geo. 4, c. 46), s. 4. (o) Revenue (No. 2) Act, 1861 (24 & 25 Vict. c. 91), s. 35. (p) Stamp Act, 1891 (54 & 55 Vict. c. 39), s. 30. (q) Bank Notes Act, 1828 (9 Geo. 4, c. 23), s. 4. (r) Ibid.,
s.
10.
