[F11(1)Appointment as Governor of the Bank shall be for a period of 8 years.U.K.
(2)Appointment as Deputy Governor of the Bank shall be for a period of 5 years.
(3)A person may not be appointed—
(a)as Governor, more than once, or
(b)as Deputy Governor, more than twice.
(4)A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank; and for this purpose work in an office that an enactment requires to be held by the Governor or a Deputy Governor is to be taken to be work for the Bank.]
Textual Amendments
F1Sch. 1 para. 1 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(2) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
2[F2(1)Appointment as [F3non-executive director] of the Bank shall be for a period of [F44 years, or such shorter period as may be specified in the appointment].]U.K.
[F5(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).]
Textual Amendments
F2Sch. 1 para. 2(1): Sch. 1 para. 2 renumbered as Sch. 1 para. 2(1) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 2(2), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(c)
F3Words in Sch. 1 para. 2 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(3)(a) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F4Words in Sch. 1 para. 2 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(3)(b) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F5Sch. 1 para. 2(2)(3), inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 2(3), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(c)
F63U.K.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Sch. 1 para. 3 omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(4) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
4U.K.A person appointed as Governor, Deputy Governor or [F7non-executive director] of the Bank may resign his office by written notice to the Bank.
Textual Amendments
F7Words in Sch. 1 para. 4 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(5) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.