34.—(1) In this Part of this Act the word “half-year” means a period of six months ending on the 31st day of March or the 30th day of September, and the expression “Associated Bank” means one of the eight banks named in the second column of the F506[Schedule 4] to this Act and does not apply to any other bank.

(2) References in this Part of this Act to consolidated bank notes outstanding with an Associated Bank shall be construed as referring to and including all consolidated bank notes which, at the time to which the reference relates, have been issued by the Commission or by the Bank to that Associated Bank and have not been accepted by either the Commission or the Bank for retirement.