Section 3 Securities for note issue to be held in issue department.C3

C1(1)

In addition to the gold coin and bullion for the time being in the issue department, the Bank shall from time to time appropriate to and hold in the issue department securities of an amount in value sufficient to cover the fiduciary note issue for the time being.

C2(2)

The securities to be held as aforesaid may include silver coin to an amount not exceeding five and one-half million pounds.

(3)

The Bank shall from time to time give to the Treasury such information as the Treasury may require with respect to the securities held in the issue department, . . . F1

F2(4)

In this section the expression “ securities ” includes securities and assets in currency of any country and in whatever form held.

Annotations

Textual amendments

F1: Words repealed by Statute Law (Repeals) Act 1973 (c. 39), Sch 1 Pt. IV
F2: S. 3(4) added (21.7.2008) by Statute Law (Repeals) Act 2008 (c. 12), Sch. 2 para. 6

Modifications

C1: S. 3(1) extended by National Loans Act 1968 (c. 13), s. 9(4)
C2: S. 3(2) amended by Coinage Act 1971 (c. 24), s. 12(1)(2), Sch. 2
C3: S. 3 amended by Finance Act 1932 (c. 25), s. 25(7)