3 Consequential provisions as to constitution and powers of the Bank.U.K.
(1)So much of any enactment as limits the duration of the Bank as a body corporate shall cease to have effect.
(2)As from the appointed day every member of the court of directors of the Bank shall be a member of the said body corporate, notwithstanding that he holds no Bank stock, and accordingly the members of the said body shall be the members for the time being of that court together with the person who for the time being holds the Bank stock on behalf of the Treasury.
(3)As from the appointed day His Majesty may revoke all or any of the provisions of the charters of the Bank except in so far as they incorporate the Bank, and thereafter, subject to the provisions of this Act [F1and the Bank of England Act 1998], the Bank shall be constituted and regulated in accordance with so much of the said charters as remains unrevoked and such other charters as may from time to time be granted by His Majesty and accepted on behalf of the Bank by the court of directors.
(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2
Textual Amendments
F1Words in s. 3(3) inserted (1.6.1998) by 1998 c. 11, s. 9(3); S.I. 1998/1120, art.2
F2Ss. 3(4), 4(8), Sch. 3 repealed by Statute Law Revision Act 1950 (c. 6)