http://www.legislation.gov.uk/ukpga/1987/22/section/2Banking Act 1987 (repealed)An Act to make new provision for regulating the acceptance of deposits in the course of a business, for protecting depositors and for regulating the use of banking names and descriptions; to amend section 187 of the Consumer Credit Act 1974 in relation to arrangements for the electronic transfer of funds; to clarify the powers conferred by section 183 of the Financial Services Act 1986; and for purposes connected with those matters.1987-05-15texttext/xmlenStatute Law Database2024-05-212001-12-01 Part I21There shall continue to be a committee known as the Board of Banking Supervision.2The Board shall consist of—atwo ex officio members, namely, the Chairman of the Authority and the holder of such other office within the Authority as the Chairman of the Authority may designate for the purposes of this provision; andbsix independent members, that is to say, members appointed jointly by the Chancellor of the Exchequer and the Chairman of the Authority, being persons having no executive responsibility in the Authority.2AThe independent members shall elect one of their number to chair the Board.3It shall be the duty of the independent members to give such advice as they think fit to the ex officio members—aon the exercise by the Authority of its functions under this Act, either generally or in any particular respect or in relation to a particular institution or institutions; andbon any matter relating to or arising out of the exercise of those functions.4The Authority shall make regular reports to the Board on matters which the Authority considers relevant to the discharge by the independent members of their duty under subsection (3) above and shall provide them with such other information as they may reasonably require.5The ex officio members shall give written notice to the Chancellor of the Exchequer in any case in which it is decided that the advice of the independent members should not be followed and the independent members shall be entitled to place before the Chancellor the reasons for their advice.6The Board shall prepare an annual report on its activities and that report shall be included in the report made by the Authority under section 1(3) above for the financial year in question.7Section 1(4) above shall apply to an act or omission by a member of the Board in the discharge or purported discharge of his functions under this section as it applies to an act or omission of a person there mentioned in the discharge or purported discharge of the functions of the Authority.8Schedule 1 to this Act shall have effect with respect to the Board.Act repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 3(1)(d)Act continued (with modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9(1), Sch. 1 Pt. 1; S.I. 2001/3538 (as amended (1.4.2013) by S.I. 2013/472, arts. 1(1), 3, Sch. 2 para. 56(h)(i)); and specified provisions of Act applied, extended and amended (1.4.2003) so far as still in force by 2001 c. 16, ss. 50, 52-54, 57(1)(j)(4), 68, 138(2), Sch. 1 para. 43, Sch. 2 para. 16(2)(d); S.I. 2003/708, art. 2S. 2 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 3.S. 2(1)(2)(2A) substituted (1.6.1998) for s. 2(1)(2) by 1998 c. 11, s. 28(1); S.I. 1998/1120, art. 2Words in s. 2(3)(4)(6)(7) substituted (1.6.1998) by 1998 c. 11, s. 28(2); S.I. 1998/1120, art. 2