SCHEDULES
SCHEDULE 1 Court of directors
Terms of office
1
1
Appointment as Governor or Deputy Governor of the Bank shall be for a period of 5 years.
2
A person appointed as Governor or Deputy Governor of the Bank shall work exclusively for the Bank.
F13
A person may not be appointed as Governor more than twice.
4
A person may not be appointed as Deputy Governor more than twice.
2
Appointment as director of the Bank shall be for a period of 3 years, except that initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.
3
A person appointed as director of the Bank in place of a person who ceased to hold office before the end of the term for which he was appointed shall be appointed for the remainder of that person’s term of office.
4
A person appointed as Governor, Deputy Governor or director of the Bank may resign his office by written notice to the Bank.
Qualification for appointment
5
1
A person is disqualified for appointment as Governor, Deputy Governor or director of the Bank if he is a Minister of the Crown or a person serving in a government department in employment in respect of which remuneration is payable out of money provided by Parliament.
2
A person is disqualified for appointment as director of the Bank if he is a servant of the Bank.
6
The fact that a person has held office as Governor, Deputy Governor or director of the Bank does not disqualify him for re-appointment to that office or for appointment to any other of those offices F2(subject to paragraph 1(3) and (4)).
Removal from office
7
1
A person appointed as Governor or Deputy Governor of the Bank shall vacate office if he becomes a person to whom paragraph 5(1) applies.
2
A person appointed as director of the Bank shall vacate office if he becomes a person to whom paragraph 5(1) or (2) applies.
8
The Bank may, with the consent of the Chancellor of the Exchequer, remove a person from office as Governor, Deputy Governor or director of the Bank if it is satisfied—
a
that he has been absent from meetings of the court for more than 3 months without the consent of the court,
b
that he has become bankrupt, that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or
c
that he is unable or unfit to discharge his functions as a member.
Powers
9
The court may act notwithstanding the existence of one or more vacancies among its members.
10
The court may appoint such sub-committees as it thinks fit.
11
The court may delegate such duties and powers as it thinks fit to—
a
a member of the court,
b
any officer, servant or agent of the Bank,
c
a sub-committee consisting of—
i
members of the court, or
ii
one or more members of the court and one or more of the officers, servants and agents of the Bank.
Meetings
12
1
The court shall meet at least F37 times in each calendar year.
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Either of the following may summon a meeting at any time on giving such notice as the circumstances appear to require—
a
the Governor of the Bank (or in his absence a Deputy Governor), and
b
the chair of the court.
Proceedings
13
1
At a meeting of the court, the proceedings shall be regulated as follows.
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F63
The Chancellor of the Exchequer may designate—
a
a member of the court to chair its meetings (“the chair of the court”), and
b
one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.
4
If a member of the court has any direct or indirect interest in any dealing or business with the Bank—
a
he shall disclose his interest to the court at the time of the dealing or business being negotiated or transacted, and
b
he shall have no vote in relation to the dealing or business, unless the court has resolved that the interest does not give rise to a conflict of interest.
5
A member of the court shall have no vote in relation to any question arising which touches or concerns him but shall withdraw and be absent during the debate of any matter in which he is concerned.
6
Remuneration
14
1
A person appointed as Governor or Deputy Governor of the Bank shall be entitled to be paid by the Bank such remuneration as it may determine.
2
The Bank may pay, or create and maintain a fund for the payment of, pensions or capital grants to members, or former members, of the court who have rendered exclusive services to the Bank.
15
A director of the Bank shall be entitled to be paid by the Bank such remuneration as the Bank may determine with the approval of the Chancellor of the Exchequer.