OpenLegislation

Bank Charter Act 1844

7 & 8 Vict. c. 32 · Enacted 19 July 1844 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 15 May 2012.

An Act to regulate the Issue of Bank Notes, and for giving to the Bank of England certain Privileges for a limited Period.

[19th July 1844]C1C2

Annotations to the whole text

Modifications

C1

Short title given by Short Titles Act 1896 (c. 14) Act amended (S.) (N.I.) by Stamp Act 1854 (c. 83), s. 11

C2

Preamble omitted under authority of Statute Law Revision Act 1891 (c. 67)

Contents

  1. 1Bank to establish a separate department for the issue of notes.
  2. 2, 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  3. 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  4. 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  5. 6Weekly account in form in schedule (A.) to be rendered by the Bank of England. Repealed
  6. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  7. 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  8. 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  9. 10No banker not issuing notes on 6th May 1844, to issue notes hereafter.
  10. 11Restriction against issue of bank notes.
  11. 12Bankers ceasing to issue notes may not resume. Repealed
  12. 13—20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  13. 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  14. 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  15. 23, 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  16. 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  17. 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  18. 27Bank to enjoy privileges, subject to redemption. Repealed
  19. 28Interpretation clause.
  20. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  21. Schedule (A.)Schedule (A.)
  22. Schedule S (B.), (C.)Schedule S (B.), (C.)

1Bank to establish a separate department for the issue of notes.

The issue of promissory notes of the governor and company of the Bank of England, payable on demand, shall be separated and thenceforth kept wholly distinct from the general banking business of the said governor and company; and the business of and relating to such issue shall be thenceforth conducted and carried on by the said governor and company in a separate department, to be called “the Issue Department of the Bank of England,” . . . F1

2, 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

6Weekly account in form in schedule (A.) to be rendered by the Bank of England.F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

10No banker not issuing notes on 6th May 1844, to issue notes hereafter.C3C1C2

No person other than a banker who on the sixth day of May one thousand eight hundred and forty-four was lawfully issuing his own bank notes shall make or issue bank notes in any part of the United Kingdom.

11Restriction against issue of bank notes.

It shall not be lawful for any banker to draw, accept, make, or issue, in England or Wales, any bill of exchange or promissory note or engagement for the payment of money payable to bearer on demand, or to borrow, owe, or take up, in England or Wales, any sums or sum of money on the bills or notes of such banker payable to bearer on demand, . . . F1

12Bankers ceasing to issue notes may not resume.C1F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13—20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

23, 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

27Bank to enjoy privileges, subject to redemption.F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28Interpretation clause.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1 in this Act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . the term “Bank of England notes” shall extend and apply to the promissory notes of the Bank of England payable to bearer on demand; and the term “banker” shall extend and apply to all corporations, societies, partnerships, and persons, and every individual person, carrying on the business of banking, whether by the issue of bank notes or otherwise, except only the Bank of England; and the word “person” used in this Act shall include corporations; and the singular number in this Act shall include the plural number, and the plural number the singular, except where there is any thing in the context repugnant to such construction; and the masculine gender in this Act shall include the feminine, except where there is any thing in the context repugnant to such construction.

29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .F1

Schedule (A.)C1

Bank of England.

An Account pursuant to the Act 7 & 8 Vict. Cap. for the Week ending on the day of

Issue Department.

££
Notes issuedGovernment debt
Other securities
Gold coin and bullion
Silver bullion
————————
££
————————

Dated the day of 18 .

———————Cashier

Banking Department.

££
Proprietors capitalGovernment securities (including dead weight annuity)
RestOther Securities
Public deposits (to include Exchequer, saving banks, commissioners of national debt, and dividend accounts)Notes
Other depositsGold and silver coin
Seven day and other bills
————————
££
————————

Dated the day of 18 .

———————Cashier.

Schedule S (B.), (C.)F1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .