SCHEDULE 3 Monetary Policy Committee
Bank of England Act 1998 (1998 c 11) | Legislation

SCHEDULE 3 Monetary Policy Committee

Section 13

Terms of office of appointed members

1

Appointment as a member of the Committee under section 13(2)(b) or (c) shall be for a period of 3 years, [but this is subject to paragraph 2B].

2

.Ìý.Ìý.

[2A

A person may not be appointed as a member of the Committee under section 13(2)(c) more than twice.]

[2B

(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 3 years for which a person is appointed as a member of the Committee under section 13(2)(c), 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.

(3)     If a person whose first term of office is extended is subsequently re-appointed under section 13(2)(c)—

(a)     the length of the second term is to be reduced by a period equal to the extension of the first term, but

(b)     the second term may itself subsequently be extended under sub-paragraph (1).]

3

[(1)]

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