Part ICurrency Note Issue

1 Authority to Issue Manx Notes

(1)The Isle of Man Treasury may from time to time prepare, issue, and reissue currency notes of the Isle of Man Government.

(2)Notes issued under this Act shall be in denominations of ten shillings (10s.), one pound (£1), and five pounds (£5).

(3)Manx currency notes shall be legal tender within the Isle of Man to the same extent as bank notes issued by the Bank of England.

Part IIReserves and Redemptions

2 Sterling Parity and Reserves

(1)The Isle of Man Treasury shall ensure that all notes issued are backed at par by approved sterling securities or bank balances deposited with the Treasury.

(2)The holder of any Manx note shall be entitled on demand at the Treasury office in Douglas to receive payment in Bank of England notes of equivalent value.

Part IIIGeneral

3 Citation

This Act may be cited as the Isle of Man Currency and Banking Act.