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Make provision about the acceptability of Scottish banknotes throughout the |
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United Kingdom; and for connected purposes. |
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Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and |
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consent of the Lords Spiritual and Temporal, and Commons, in this present |
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Parliament assembled, and by the authority of the same, as follows:— |
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1 | Requirement to accept Scottish banknotes |
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Subject to section 3, a business must not make any distinction between Scottish |
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and other banknotes issued in the United Kingdom in terms of acceptability as |
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payment for goods and services. |
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2 | Powers of OFT in relation to acceptability of banknotes |
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(1) | A business that fails to comply with section 1 may be reported to the Office of |
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Fair Trading (OFT) by any person. |
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(2) | Upon receipt of a notification under subsection (1) the OFT may make such |
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investigations as it considers necessary and may inform a business of its duties |
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(3) | If the OFT is satisfied that a business has breached section 1 persistently, it may |
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issue that business with a notice requiring it to take action to comply with this |
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(4) | Such action may include requirements to display notices about the |
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acceptability of banknotes. |
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(5) | For purposes of subsection (3), breaches are to be regarded as “persistent” if |
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there is evidence of three or more such breaches in any period of twelve |
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3 | Defence against forgery |
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(1) | Nothing in this Act constrains the right of a business to refuse to accept any |
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banknote which it considers is, or may be, a forgery. |
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(2) | If, when exercising its powers under section 2, the OFT is satisfied that the |
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actions of a business were taken in order to protect itself against forgery, it may |
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not take action under subsection (3) of that section. |
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(3) | For the purposes of this section, a business must have reasonable grounds to |
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believe that a banknote is a forgery. |
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(1) | This Act may be cited as the Scottish Banknotes (Acceptability in United |
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(2) | This Act extends to England and Wales, Scotland and Northern Ireland. |
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