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Regulation 28 Notes issued after loss of note issuing rights

Original text. Later amendments are not shown.

(1)

This regulation applies where any banknotes are issued by an insolvent bank—

(a)

after it loses the right to rely on section 213 of the Act by virtue of section 220(5) or 223(5) of the Act; and

(b)

without the permission of the Bank of England under regulation 27(1).

(2)

The holders of any such banknotes may participate in a note exchange programme despite the matters referred to in paragraph (1)(a) and (b).