Section 214A(2)

Regulations under subsection (1)— may only specify under paragraph (a) a bank (the newly authorised bank) which is in the same group as an authorised bank (the previously authorised bank) which has the right to rely on section 213; may only specify under paragraph (b) the part of the United Kingdom in which the previously authorised bank is authorised to issue banknotes; must procure that on and after the designation date the previously authorised bank is no longer an authorised bank for the purposes of this Part by— in the case of a previously authorised bank within section 210(a), providing that it is no longer an authorised bank for the purposes of this Part; in the case of a previously authorised bank within section 210(b), revoking its designation; must provide for the newly authorised bank to be treated as having issued any banknotes in circulation which were issued by the previously authorised bank; must provide for the transfer of any rights or liabilities in relation to those banknotes to the newly authorised bank from the previously authorised bank; may provide for anything done by or in relation to the previously authorised bank in connection with those banknotes to be treated as having been done by or in relation to the newly authorised bank for the purposes specified in the regulations; may make further provision about banknotes issued by the previously authorised bank; may make provision about banknotes held by or on behalf of the previously authorised bank which are not in circulation.

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Source: legislation.gov.uk · retrieved 2026-09-04