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These rules are designed to help everyone make the best of the Lake District Pound - and to ensure that the LD£ Community is fair for all.
For Traders and Users of the LD£
- These "Rules of Operation" are issued by The Lakes Currency Project Ltd. ("the Company") who administer the Lake District Pound ("the Project") and are responsible for the ongoing administration of the Project.
- In agreeing to receive paper Lake District Pounds you expressly agree to be bound by these Rules governing the Project.
- Paper Lake District Pounds are available in four denominations (LD£1, LD£5, LD£10 and LD£20), each interchangeable with the equivalent denomination in Sterling.
- The paper Lake District Pounds are not legal tender and are legally considered to be vouchers. They are exempt from Value Added Tax (VAT).
- The Lake District Pounds have been made as safe and secure as possible through a number of key measures:
- Several overt and covert security devices are incorporated into each Lake District Pound ensuring replication is both prohibitively expensive and easily detectable.
- Participating Traders are issued with copies of a ‘Security Guide’ showing security points to look for when receiving Lake District Pounds.
- Every Lake District Pound sold into circulation is backed by an equivalent Sterling pound held by the Company in a ‘Reserve Sterling Account’ ensuring a secure backup for all Lake District Pounds in circulation.
- Lake District Pounds can be obtained from Lake District Pound Exchanges in the Lake District. These Exchanges will be listed on lakedistrictpound.com (“the Project Website”). Lake District Pounds can also be purchased online at lakedistrictpound.com.
- Lake District Pound Traders ("Traders") are local businesses validated and accepted by the Company to join the Project. Traders agree to accept paper Lake District Pounds in exchange for goods and services at the rate of one Lake District Pound being equal to one pound Sterling. Details of Traders participating in the Project are displayed on the Project Website.
- The Paper Lake District Pounds are valid for the current calendar year, which is clearly printed on each Lake District Pound. They will remain valid until 31st January of the following year (the ‘Retirement Date’). All Lake District Pounds are subject to the following validity conditions:
- A replacement issue of paper Lake District Pounds will be available for up to two months prior to the Retirement Date. During this transition period, the current issue of Lake District Pounds will be exchangeable for the replacement issue of Lake District Pounds at Lake District Pound Outlets.
- The Lake District Pounds will not be accepted by Traders in exchange for goods and services after the Retirement Date.
- This right to exchange does not apply to those who have purchased Paper Lake District Pounds in collector packs.
- Traders and Lake District Pound Outlets are obliged to refuse any paper Lake District Pounds that they have reason to suspect are counterfeit or which are damaged, defaced, incomplete or illegible. Details of simple checks that can be made to guard against counterfeiting are available in the Security Guide on the Project Website.
- Traders are able to surrender Lake District Pounds at Post Office Exchanges listed on the Project Website. On surrender of Lake District Pounds, the equivalent value in Sterling will be transferred to the Traders own account via a credit/debit card provided.
- All pictures, photographs and any other images (either on the paper Lake District Pound, the Project Website or any other publicity material) howsoever created by the Company in connection with the Project, are fully protected by law. They are the property of the Company and cannot be used without written permission of the Company.
- Although the Project is administered in good faith by the Company, the directors of the Company and its employees, neither the Company itself, nor any of those parties can accept responsibility for any disputes arising out of the Project between any Third Parties.
- In addition, acceptance of a company as an Outlet or Trader for Lake District Pounds does not represent an endorsement of that company or their goods or services by the Company.
- These Rules can be amended at the discretion of the Company. Amendments affecting the use of paper Lake District Pounds will be notified to Traders and Lake District Pound Outlets and published on the Project Website.
- In these Rules, the following terms bear the meanings ascribed to them below:
- ‘Individuals’ means members of the public who participate in the Project;
- ‘Traders’ means retailers and other businesses who join the Project by agreeing to accept the paper Lake District Pounds;
- ‘Retirement Date’ means the date of withdrawal of the current edition of the Paper Lake District Pounds from circulation;
- ‘Lake District Pound Exchange’ means a business listed on the Project Website who hold paper Lake District Pounds on behalf of the Company for exchanging with Individuals or Traders.
- These Rules of Operation may be amended from time to time at the sole discretion of the Company.
These Rules are issued by the Directors of The Lakes Currency Project Ltd. - January 2019