[SCHEDULE 2A Financial Policy Committee]
Bank of England Act 1998 (1998 c 11) | Legislation

[SCHEDULE 2A Financial Policy Committee]

[Section 9B]

[Terms of office of appointed members

1

(1)     Appointment under section 9B(1)(d) or (e) as a member of the Financial Policy Committee is to be for a period of 3 years, but this is subject to sub-paragraph (2) and to paragraph 3.

(2)     Initially some appointments may be for shorter and different periods so as to secure that appointments expire at different times.

2

(1)     A person may not be appointed as a member of the Committee under section 9B(1)(e) more than twice.

(2)     For this purpose an appointment which by virtue of paragraph 1(2) is for a period of less than 3 years is to be disregarded.

3

(1)     If it appears to the Chancellor of the Exchequer that in the circumstances it is desirable to do so, the Chancellor may, before the end of the term for which a person is appointed as a member of the Committee under section 9B(1)(e), extend the persons's term of office on one occasion for a specified period of not more than 6 months.

(2)     The term being extended may be the person's first or second term or, in a case

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