Banking and Financial Dealings (Isle of Man) Act 1973

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1973/1973-0019/BankingandFinancialDealingsIsleofManAct1973_1.pdf
Published: 2012-09-01

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Banking and Financial Dealings (Isle of Man) Act 1973

c i e
AT 19 of 1973

BANKING AND FINANCIAL DEALINGS

(ISLE OF MAN) ACT 1973

Banking and Financial Dealings (Isle of Man) Act 1973 Index


c AT 19 of 1973 Page 3

c i e
BANKING AND FINANCIAL DEALINGS (ISLE OF

MAN) ACT 1973

Index Section Page

1 Treasury orders to have effect in the Isle of Man ....................................................... 5
2 Offences ............................................................................................................................ 6
3 Bills of exchange and promissory notes ...................................................................... 7
4 [Amends the definition of ‘non-business days’ in section 92 of the Bills of
Exchange Act 1883.] ......................................................................................................... 7
5 Short title and commencement ..................................................................................... 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Banking and Financial Dealings (Isle of Man) Act 1973 Section 1


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c i e
BANKING AND FINANCIAL DEALINGS (ISLE OF

MAN) ACT 1973

Received Royal Assent: 13 November 1973
Passed: 15 January 1974
Commenced: 15 January 1974
AN ACT
to enable orders made by the Treasury suspending financial and other
dealings on bank holidays and other days to apply in the Isle of Man, to amend
the law relating to bills of exchange and promissory notes with reference to the
maturity of bills and notes and other matters affected by the closing of banks on
Saturdays and for purposes connected therewith.
GENERAL NOTES

1. The maximum fines in this Act are as increased by the Fines Act 1986 and by the
Criminal Justice (Penalties, Etc.) Act 1993 s 1.
2. References in this Act to ‘the Treasury’ are to be construed as references to ‘the
United Kingdom Treasury’ in accordance with the Treasury Act 1985 s 16(2).
1 Treasury orders to have effect in the Isle of Man

[1972/1.G]
(1) Subject to the following provisions of this section, any order made by the
Treasury under the provisions of subsection (1) of section 2 of the
Banking and Financial Dealings Act 1971 (an Act of Parliament) (hereinafter
referred to as a ‘Treasury order’), giving with respect to a day specified
in the order all or any of the directions set out in paragraphs (a), (b), (c),
(d) and (e) of the said subsection, shall have effect in the Isle of Man by
virtue of this subsection as it has effect in the United Kingdom.
(2) Any Treasury order which has effect in the Isle of Man by virtue of the
provisions of subsection (1) of this section shall cease to have effect on
the day upon which such order ceases to have effect in the United
Kingdom.
(3) An obligation on a person to do a thing on a day on which he is
prevented from doing it by a Treasury order which has effect in the Isle
of Man by virtue of the provisions of subsection (1) of this section, or is
Section 2 Banking and Financial Dealings (Isle of Man) Act 1973


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unable to do it by reason of any such Treasury order, shall be deemed to
be complied with if he does it so soon as practicable thereafter.
(4) In a Treasury order which has effect in the Isle Man by virtue of the
provisions of subsection (1) of this section the following expressions have
the meanings hereby respectively assigned to them, that is to say —
“bank holiday
” means a bank holiday under the Bank Holidays Act 1989;1

“bill of exchange
”, “business day
”, “non-business day
”, and “promissory

note
” have the same meanings respectively as they have in the Bills of
Exchange Act 1883;
“commodity exchange
” means an association established in the United
Kingdom for the purpose of facilitating dealings by the members thereof
in a commodity;
“Exchange Control Act 1947
” [Repealed]2

“foreign currency
” and “gold
” have the same meanings respectively as they
have in section 2(6) of the Banking and Financial Dealings Act 1971 (an
Act of Parliament).3

2 Offences

[1972/2.G]
(1) A person who knowingly or recklessly contravenes a direction given by a
Treasury order which has effect in the Isle of Man by virtue of the
provisions of subsection (1) of section 1 of this Act shall be guilty of an
offence and liable —
(a) on summary conviction, to a fine of not more than £2,500;
(b) on conviction on information, to custody1 for not more than two
years or to a fine or to both.
(2) Where an offence under this section which has been committed by a
body corporate is proved to have been committed with the consent or
connivance of, or to be attributable to any neglect on the part of, a
director, manager, secretary or other similar officer of the body
corporate, or any person who was purporting to act in any such capacity,
he, as well as the body corporate, shall be guilty of that offence and shall
be liable to be proceeded against accordingly.
Where the affairs of a body corporate are managed by it members, this
subsection shall apply in relation to the acts and defaults of a member in
connection with his functions of management as if he were a director of
the body corporate.
1 Reference to imprisonment to be construed as a reference to custody by virtue of paragraph
1(1) of Schedule 3 to the Custody Act 1993 .
Banking and Financial Dealings (Isle of Man) Act 1973 Section 3


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3 Bills of exchange and promissory notes

[1971/3.P]
(1) [Amends section 92 of the Bills of Exchange Act 1883.]
This subsection shall not operate to extend any period expiring at or
before the time it comes into force.
(2) [Amends section 14 of the Bills of Exchange Act 1883 except in its
application to bills drawn and notices made before this subsection came
into force.]
(3) This section shall come into force at the expiration of one month
beginning with the date on which this Act comes into operation.
4 [Amends the definition of ‘non-business days’ in section 92 of the Bills

of Exchange Act 1883.]

5 Short title and commencement

(1) This Act may be cited as the Banking and Financial Dealings (Isle of
Man) Act 1973.
(2) This Act shall come into operation when the Royal Assent thereto has
been by the Governor announced to Tynwald and a certificate thereof
has been signed by the Governor and the Speaker of the House of Keys.
Banking and Financial Dealings (Isle of Man) Act 1973 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
Definition of ‘bank holiday’ amended by Bank Holidays Act 1989 Sch 1. 2
Definition of ‘Exchange Control Act 1947’ repealed by Companies Act 1992 Sch 6. 3
Definitions of ‘foreign currency’ and ‘gold’ substituted by Companies Act 1992 Sch 6.