2[F1(1)Appointment as [F2non-executive director] of the Bank shall be for a period of [F34 years, or such shorter period as may be specified in the appointment].]U.K.
[F4(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).]
Textual Amendments
F1Sch. 1 para. 2(1): Sch. 1 para. 2 renumbered as Sch. 1 para. 2(1) (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 2(2), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(c)
F2Words in Sch. 1 para. 2 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(3)(a) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F3Words in Sch. 1 para. 2 substituted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 1(3)(b) (with Sch. 2 paras. 1(15), 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F4Sch. 1 para. 2(2)(3), inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), ss. 2(3), 41(3) (with Sch. 3); S.I. 2016/627, reg. 2(1)(c)