Section 1.
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.
2Appointment 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.
3A 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.
4A person appointed as Governor, Deputy Governor or director of the Bank may resign his office by written notice to the Bank.
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.
6The 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.
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.
8The 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.
9The court may act notwithstanding the existence of one or more vacancies among its members.
10The court may appoint such sub-committees as it thinks fit.
11The 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.
12(1)The court shall meet at least once a month.
(2)The Governor of the Bank (or in his absence a Deputy Governor of the Bank) may summon a meeting at any time on giving such notice as in his judgment the circumstances may require.
13(1)At a meeting of the court, the proceedings shall be regulated as follows.
(2)The quorum shall be 9.
(3)The chair shall be taken by the Governor of the Bank or, if he is not present, by the director of the Bank who is for the time being designated under subsection (4) of section 3 to chair the sub-committee constituted by that section.
(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)Subject to sub-paragraphs (2) to (5), the court shall determine its own procedure.
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.
15A 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.