Textual Amendments
F1Sch. 11A inserted (1.7.2005) by The Prospectus Regulations 2005 (S.I. 2005/1433), reg. 2(2), Sch. 2
Modifications etc. (not altering text)
C1Sch. 17 applied (1.5.2009 for certain purposes and 1.11.2009 otherwise) by The Payment Services Regulations 2009 (S.I. 2009/209), regs. 1(2), 125 (with reg. 3)
C2Sch. 17 applied (30.4.2011) by The Electronic Money Regulations 2011 (S.I. 2011/99), reg. 76(2) (with reg. 3)
3(1)The constitution of the scheme operator must provide for it to have—U.K.
(a)a chairman; and
(b)a board (which must include the chairman) whose members are the scheme operator’s directors.
(2)The chairman and other members of the board must be persons appointed, and liable to removal from office, by the Authority (acting, in the case of the chairman, with the approval of the Treasury).
(3)But the terms of their appointment (and in particular those governing removal from office) must be such as to secure their independence from the Authority in the operation of the scheme.
(4)The function of making voluntary jurisdiction rules under section 227 [F2, the function of making consumer credit rules, the function of making determinations under section 234A(1)] and the functions conferred by paragraphs 4, 5, 7, 9 or 14 may be exercised only by the board.
(5)The validity of any act of the scheme operator is unaffected by—
(a)a vacancy in the office of chairman; or
(b)a defect in the appointment of a person as chairman or as a member of the board.
Textual Amendments
F2Words in Sch. 17 para. 3(4) inserted (16.6.2006) by Consumer Credit Act 2006 (c. 14), ss. 61(10)(a), 71(2); S.I. 2006/1508, art. 3(1), Sch. 1