This is the original version (as it was originally enacted).
(1)Paragraph 2 of Schedule 1 to the Bank of England Act 1998 (term of office of non-executive directors) is amended as follows.
(2)The existing text becomes sub-paragraph (1).
(3)After that sub-paragraph insert—
“(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).”
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