Section 217(5)

Banknote regulations may make provision about the treatment of backing assets in relation to insolvency; in particular, the regulations may— modify or disapply a provision or rule of law about insolvency; protect backing assets from being treated in the same way as other assets of the bank; provide for banknotes to be exchanged by bearers within a specified period; allow the Treasury to extend the period for exchange; provide for exchange to be funded from backing assets; provide for the Bank of England to acquire or control a bank's backing assets for the purpose of administering arrangements for exchange.

← 4 · All articles · 6 →

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