# The Scottish and Northern Ireland Banknote Regulations 2009, Regulation 22: Rights of noteholders


(1) The noteholders in respect of an insolvent bank shall, during the protected period, have the right to have the bank’s backing assets applied solely for the purpose of satisfying their claims.
(2) The right referred to in paragraph (1) may only be exercised by a noteholder by participating in a note exchange programme.
(3) At the end of the protected period, the right referred to in paragraph (1) shall cease.

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Source: https://www.legislation.gov.uk/ukdsi/2009/9780111486306/regulation/22 (the official version)
Page: https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/regulation-22
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.