Bank of England Act 1946

SCHEDULES U.K.

Section 1.

FIRST SCHEDULE U.K. Incidental and Supplemental Provisions as to the Government Stock and Sums Payable by the Bank to the Treasury

1 U.K. The principal of and interest on the Government stock, and any expenses incurred in connection with the issue or redemption thereof, shall be charged on and issued out of [F1 the National Loans Fund with recourse to] the Consolidated Fund of the United Kingdom . . . F2 (hereafter in this Schedule referred to as “the Consolidated Fund”).

Textual Amendments

F1 Words inserted by National Loans Act 1968 (c. 13), Sch. 5

F2 Words repealed by Statute Law Revision Act 1963 (c. 30)

2 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

Textual Amendments

F3 Sch. 1 Paras. 2, 12 repealed with savings by National Loans Act 1968 (c. 13), s. 24(2), Sch. 6 Pt. I

3 U.K. The interest on the Government stock shall be payable on the fifth day of April and the fifth day of October in each year.

4 U.K. A full half year’s interest on the Government stock shall be payable on whichever of the dates mentioned in the last foregoing paragraph occurs first after the appointed day, and shall be deemed to have accrued from day to day during the six months preceding that date.

5 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

Textual Amendments

F4 Sch. 1 para. 5 repealed by Finance Act 1954 (c. 44), Sch. 6

6 U.K. Section forty-seven of the M1 Finance Act 1942 (which empowers the Treasury to make regulations as respects the transfer and registration of stock and registered bonds of the descriptions specified in Part I of the Eleventh Schedule to that Act), and any regulations made thereunder which are in force immediately before the appointed day, shall have effect as if the Government stock were included among the stocks mentioned in the said Part I and among the stocks to which the said regulations apply.

Marginal Citations

M1 1942 c. 21.

7 U.K. Where immediately before the appointed day any dead person is registered in the books of the Bank as the holder or one of the joint holders of any Bank stock, any Government stock purporting to be issued to him, or to him and the other joint holders, shall be deemed to be duly issued to his personal representatives, or to the survivors or the personal representatives of the last survivor of the joint holders, as the case may be; and, in the case of administrators, as well as in the case of executors, this paragraph shall have effect notwithstanding that there is no grant of representation to them until after the appointed day.

8 U.K. The Government stock issued in substitution for any Bank stock shall be held in the same rights and on the same trusts and subject to the same powers, privileges, provisions, charges, restraints and liabilities as those in, on or subject to which the Bank stock was held immediately before the appointed day, and so as to give effect to and not revoke any deed, will, order, mandate, notice or other instrument or testamentary or other disposition disposing of or affecting the Bank stock, and every such instrument or disposition shall take effect with reference to the whole or a proportionate part, as the case may be, of the substituted Government stock.

9 U.K. Trustees, executors and all other holders in any representative or fiduciary capacity of any Bank stock may hold, dispose of or otherwise deal with the Government stock issued in substitution therefor in all respects as they might have held, disposed of or otherwise dealt with the Bank stock.

10 Paragraphs 3, . . . F5 and 5 of the Second Schedule to the M2 National Loans Act 1939 (which applies certain enactments to securities issued under that Act), shall have effect as if references to securities issued under that Act included references to the Government stock.

Textual Amendments

F5 Figure repealed by Income Tax Act 1952 (c. 10), Sch. 25

Marginal Citations

M2 1939 c. 117.

11 U.K. The Government stock shall be subject to the provisions of the M3 National Debt Act 1870, so far as is consistent with the tenor of this Act.

Marginal Citations

M3 1870 c. 71.

Yn ddilys o 01/06/1998

[F6 11A (1) If, when a payment falls to be made under section 1(4) of this Act, the Bank’s accounts for the previous financial year have not been audited, the payment shall be made on the basis of the Bank’s estimate of the relevant amounts. U.K.

(2) If an amount estimated under sub-paragraph (1) of this paragraph differs from the amount shown in the audited accounts, an appropriate adjustment shall be made to the next payment under section 1(4) of this Act to be made after the difference becomes apparent.]

Textual Amendments

F6 Sch. 1 para. 11A inserted (1.6.1998) by 1998 c. 11, s. 8(3); S.I. 1998/1120, art.2

12 U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

Textual Amendments

F7 Sch. 1 Paras. 2, 12 repealed with savings by National Loans Act 1968 (c. 13), s. 24(2), Sch. 6 Pt. I

13 U.K. The sums paid by the Bank to the Treasury in lieu of dividends on Bank stock shall be paid into the Exchequer, . . . F8

Textual Amendments

F8 Words repealed with savings by National Loans Act 1968 (c. 13), s. 24(2), Sch. 6 Pt. I

14 In charging the profits and gains of the Bank for the purposes of income tax for any year of assessment, the sums paid by the Bank as aforesaid in that year shall be allowed as a deduction.

Section 2.

SECOND SCHEDULE U.K. Supplemental Provisions as to Court of Directors

1 The term of office of the Governor and of the Deputy Governor shall be five years.

2 The term of office of the directors shall be four years, and four of them shall retire each year on the anniversary of the appointed day:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9

Textual Amendments

F9 Proviso repealed by Statute Law (Repeals) Act 1976 (c. 16), Sch. 1 Pt. XI

3 A person who has held the office of Governor, Deputy Governor or director shall be eligible for re-appointment to that office or for appointment to any other of those offices.

4 A person shall be disqualified for holding the office of Governor, Deputy Governor or director if—

(a) he is . . . F10 a Minister of the Crown, or a person serving in a Government Department in employment in respect of which remuneration is payable out of moneys provided by Parliament; or

(b) he is an alien within the meaning of the British Nationality and Status of Aliens Acts 1914 to 1943; or

(c) he is subject to any disqualification which may be imposed by the charter of the Bank;

and a person shall vacate any such office if he becomes subject to any such disqualification.

Textual Amendments

F10 Words repealed by House of Commons Disqualification Act 1957 (c. 20), Sch. 4 Pt. I

5 Where the office of a director is vacated under the foregoing paragraph, or by death or resignation, a person appointed to fill the vacancy shall hold office until the time when the person in whose place he was appointed would regularly have retired, and shall then retire.

6 Not more than four of the directors may be employed to give their exclusive services to the Bank.

F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

7

Textual Amendments

F11 Sch. 2 para 7 repealed by Statute Law (Repeals) Act 1976 (c. 16), Sch. 1 Pt. XI

F12 THIRD SCHEDULE U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F12 Sch. 3 repealed by Statute Law Revision Act 1950 (c. 6), s. 1, Sch. 1