Section 32: Liabilities of the Issue Department

32. Liabilities of the Issue Department.—(1) The liabilities of the Issue Department shall be an amount equal to the total of the amount of the bank notes for the time being in circulation. (2) For the purposes of this section any bank note which has not been presented for payment within forty years from the first day of July following the date of its issue shall be deemed not to be in circulation and the value thereof shall notwithstanding anything contained in subsection (2) of section 26 be paid by the Issue Department to the Banking Department; but any such bank note, if subsequently presented for payment, shall be paid by the Banking Department.

Effective date: 1956-04-18

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