Section 222 Financial penaltyI1
(1)
Banknote regulations may enable the Bank of England to impose a penalty on an authorised bank that fails to comply with banknote regulations or rules.
(2)
A penalty—
(a)
shall be paid to the Bank of England, and
(b)
is enforceable by the Bank of England as a debt.
(3)
Banknote regulations must establish a method for determining the maximum amount of a penalty.
Annotations
Commencement
- I1
S. 222 in force at 12.11.2009 for specified purposes and 23.11.2009 in so far as not already in force by S.I. 2009/3000, arts. 2, 3