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Bank Charter Act 1844

Status:

This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Bank to establish a separate Department for the Issue of Notes.

  3. II.Management of the Issue by Bank of England.

  4. III.Proportion of Silver Bullion to be retained in the Issue Department.

  5. IV.All Persons may demand of the Issue Department Notes for Gold Bullion.

  6. V.Power to increase Securities in the Issue Department, and issue additional Notes.

  7. VI.Account to be rendered by the Bank of England.

  8. VII.Bank of England exempted from Stamp Duty upon their Notes.

  9. VIII.Bank to allow 180,000l. per Annum.

  10. IX.Bank to allow the Public the Profits of increased Circulation.

  11. X.No new Bank of Issue.

  12. XI.Restriction against Issue of Bank Notes.

  13. XII.Bankers ceasing to issue Notes may not resume.

  14. XIII.Existing Banks of Issue to continue, under certain Limitations.

  15. XIV.Provision for united Banks.

  16. XV.Duplicate Certificate to be published in the Gazette.

  17. XVI.In case Banks become united, Commissioners to certify the Amount of Bank Notes which each Bank was authorized to issue.

  18. XVII.Penalty on Banks issuing in excess.

  19. XVIII.Issuing Banks to render Accounts.

  20. XIX.Mode of ascertaining the average Amount of Bank Notes of each Banker in circulation during the first Four Weeks after 10th October 1844.

  21. XX.Commissioners of Stamps and Taxes empowered to cause the Books of Bankers containing Accounts of their Bank Notes in circulation to be inspected. Penalty for refusing to allow such Inspection.

  22. XXI.All Bankers to return Names once a Tear to the Stamp Office.

  23. XXII.Bankers to take out a separate Licence for every Place at which they issue Notes or Bills. Proviso in favour of Bankers who had Four such Licences in force on the 6th May 1844.

  24. XXIII.Compensation to certain Bankers named in the Schedule.

  25. XXIV.Bank of England to be allowed to compound with Issuing Banks. Limitation of Compositions.

  26. XXV.Compositions to cease on 1st August 1856.

  27. XXVI.Banks within Sixty-five Miles of London may accept, &c. Bills.

  28. XXVII.Bank to enjoy Privileges, subject to Redemption.

  29. XXVIII.Interpretation Clause.

  30. XXIX.Act may be amended.

  31. SCHEDULES to which the Act refers.

    1. SCHEDULE (A.)

      Bank of England

    2. SCHEDULE (B.)

    3. SCHEDULE (C.)

      Banks which have ceased to issue their own Bank Notes under certain Agreements with the Governor and Company of the Bank of England

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