11. Dealings in sterling

(1)

Subject to subsection (2) the Board shall on demand by any person issue and redeem currency notes and coins against sterling for immediate delivery in London at the parity specified in section 8(2).

(2)

The Board shall be entitled to —

(a)

charge and a levy from any person obtaining currency notes and coins or sterling a commission at such rate or rates not exceeding two-thirds of 1% as it may from time to time prescribe;

(b)

prescribe from time to time the minimum amounts of currency which it will issue or redeem in respect of any one transaction; and

(c)

prescribe the hours during which it will issue and redeem currency.

(3)

The Board shall publish in the Gazette the rate or rates and the minimum amounts and the hours prescribed by it in accordance with subsection (2):

Provided that the Board may in its discretion issue or redeem its currency notes and coins for any bank at less than its published rates of commission.

Report

Read on from s 12

Part IV

Assets, Reserves and Powers

Read on from Part IV

Part V

Administrative and General

Read on from Part V