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Bank of England and Financial Services Act 2016
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Bank of England and Financial Services Act 2016, Section 2 is up to date with all changes known to be in force on or before 26 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Section 2:
- specified provision(s) amendment to earlier commencing S.I. 2019/1136 by S.I. 2020/929 reg. 2
2Term of office of non-executive directorsU.K.
This section has no associated Explanatory Notes
(1)Paragraph 2 of Schedule 1 to the Bank of England Act 1998 (term of office of non-executive directors) is amended as follows.
(2)The existing text becomes sub-paragraph (1).
(3)After that sub-paragraph insert—
“(2)If it appears to Her Majesty that in the circumstances it is desirable to do so, Her Majesty may, before the end of the term for which a person is appointed as non-executive director, extend the person's term of office on one occasion for a specified period of not more than 6 months.
(3)If a person whose term of office is extended under sub-paragraph (2) is subsequently re-appointed as non-executive director—
(a)the length of the term of his or her re-appointment (or, if the person is re-appointed more than once, of the first re-appointment following the extension) is to be reduced by a period equal to the extension, but
(b)the term of that re-appointment may itself be extended under sub-paragraph (2).”
Commencement Information
I1S. 2 in force at 6.7.2016 by S.I. 2016/627, reg. 2(1)(c)
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