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Currency and Bank Notes Act 1928

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This is the original version (as it was originally enacted).

5Transfer to Bank of certain part of assets of Currency Note Redemption Account

(1)On the appointed day, in consideration of the Bank undertaking liability in respect of the transferred currency notes, all the assets of the Currency Note Redemption Account other than Government securities shall be transferred to the issue department, and there shall also be transferred to the issue department out of the said assets Government securities of such an amount in value as will together with the other assets to be transferred as aforesaid represent in the aggregate the amount of the transferred currency notes.

For the purpose of this subsection the value of any marketable Government securities shall be taken to be their market price as on the appointed day less the accrued interest, if any, included in that price.

(2)Any bank notes transferred to the Bank under this section shall be cancelled.

(3)Such of the said Government securities not transferred to the Bank under the foregoing provisions of this section shall be realised and the, amount realised shall be paid into the Exchequer at such time and in such manner as the Treasury direct.

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