F1SCHEDULE 2AFinancial Policy Committee
Terms of office of appointed members
1
(1)
Appointment under section 9B(1)(d) or (e) as a member of the Financial Policy Committee is to be for a period of 3 years, but this is subject to sub-paragraph (2) and to paragraph 3.
(2)
Initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.
2
(1)
A person may not be appointed as a member of the Committee under section 9B(1)(e) more than twice.
(2)
For this purpose an appointment which by virtue of paragraph 1(2) is for a period of less than 3 years is to be disregarded.
3
(1)
If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the term for which a person is appointed as a member of the Committee under section 9B(1)(e), extend the persons's term of office on one occasion for a specified period of not more than 6 months.
(2)
The term being extended may be the person's first or second term or, in a case where paragraph 2(2) allows a third term, the person's third term.
(3)
If a person whose first term of office is extended is subsequently re-appointed under section 9B(1)(e)—
(a)
the length of the second term is to be reduced by a period equal to the extension of the first term, but
(b)
the second term may itself subsequently be extended under sub-paragraph (1).
(4)
In a case where a person's second term of office is extended and paragraph 2(2) allows a third term, sub-paragraph (3) is to be read as if the references to first and second terms were references to second and third terms respectively.
4
(1)
A person appointed under section 9B(1)(d) or (e) may resign the office by written notice to the Bank.
(2)
Where the notice relates to a person appointed under section 9B(1)(e), the Bank must give a copy of the notice to the Treasury.
5
The terms and conditions on which a person holds office as a member of the Committee appointed under section 9B(1)(e) are to be such as the Oversight Committee may determine.