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Bank of England Act 1998
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- UK Public General Acts
- 1998 c. 11
- SCHEDULE 6A
- Term of office of...
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Changes over time for: Cross Heading: Term of office of appointed members
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Bank of England Act 1998, Cross Heading: Term of office of appointed members is up to date with all changes known to be in force on or before 24 November 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 the whole Act associated Parts and Chapters:
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 9Y(4)(a) word omitted by 2016 c. 14 Sch. 2 para. 13(4)(a)
- s. 9Y(4)(b) omitted by 2016 c. 14 Sch. 2 para. 13(4)(b)
- s. 41(4) repealed by 2007 c. 29 Sch. 23
[F1Term of office of appointed membersU.K.
Textual Amendments
F1Sch. 6A inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 1 (with Sch. 3); S.I. 2017/43, reg. 2(d)
3(1)Appointment as a member of the Committee under section 30A(2)(f) or (g) is to be for a period of 3 years, but this is subject to sub-paragraph (2) and to paragraph 5.U.K.
(2)Initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.
4(1)A person may not be appointed as a member of the Committee under section 30A(2)(g) more than twice.U.K.
(2)For this purpose an appointment which by virtue of paragraph 3(2) is for a period of less than 3 years is to be disregarded.
5(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 30A(2)(g), extend the person's term of office on one occasion for a specified period of not more than 6 months.U.K.
(2)The term being extended may be the person's first or second term or, in a case where paragraph 4(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 30A(2)(g)—
(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 be extended under sub-paragraph (1).
(4)In a case where a person's second term of office is extended and paragraph 4(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.
6(1)A person appointed under section 30A(2)(f) or (g) may resign the office by written notice to the Bank.U.K.
(2)Where the notice relates to a person appointed under section 30A(2)(g) the Bank must give a copy of the notice to the Treasury.]
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