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(1)There shall be established two Agencies to be called respectively the Price Commission and the Pay Board.
(2)Each Agency shall, subject to subsection (5) below, consist of not less than five and not more than twelve members appointed by the Secretary of State and the Minister of Agriculture, Fisheries and Food (acting jointly), in the case of the Price Commission and by the Secretary of State, in the case of the Pay Board.
(3)Her Majesty may, by Order in Council, provide for the amalgamation of the Price Commission and the Pay Board into a single Agency, to be known by such name as may be specified in the Order.
(4)An Order in Council under subsection (3) above—
(a)shall be subject to annulment in pursuance of a resolution of either House of Parliament;
(b)may contain supplemental and incidental provisions; and
(c)may make consequential amendments in any enactment, including this Act.
(5)The Secretary of State may, by an order contained in a statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament—
(a)direct tot the minimum or maximum number of members of each Agency shall be a number greater or less than that specified in subsection (2) above;
(b)vary or revoke any previous order made by virtue of this subsection;
and an order made by virtue of this subsection may provide for the composition of the two Agencies to differ.
(6)The provisions of Schedule 1 to this Act shall have effect in relation to the advisory role of the Agencies and incidental matters relating to each of the Agencies, their members, officers, servants and proceedings.
(1)The Treasury shall prepare a code for the purposes of this Act, and it shall be the duty of the Agencies to have regard to that code in performing their functions under this Act.
The Treasury shall from time to time make such changes in the code as appear to them to be required.
(2)The code may include practical guidance for those concerned in decisions on levels of prices and pay.
(3)The code, and any change in the code, shall be contained in an order made by statutory instrument, and may be varied or revoked by a subsequent order so made.
(4)Before making an order under this section the Treasury shall consult—
(a)such representatives of consumers, persons experienced in the supply of goods or services, employers and employees and other persons as they think appropriate, and
(b)except in the case of the first order made under this section, the Agencies.
(5)An order made under this section shall cease to have effect at the expiration of a period of one month beginning with the date on which it was made unless, before the expiration of that period of one month, the order has been approved by a resolution of each House of Parliament.
In reckoning the said period of one month no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.
(6)An order under this section may provide for different parts of the code to come into force on different dates.