Paragraph 13

United Kingdom

(1)

At a meeting of the court, the proceedings shall be regulated as follows.

F1(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(3)

The Chancellor of the Exchequer may designate—

(a)

a member of the court to chair its meetings (“the chair of the court”), and

(b)

one or more members of the court as deputies to chair its meetings in the absence of the chair of the court.

F3(3A)

But a member of the court who is the Governor or a Deputy Governor of the Bank may not be designated under paragraph (a) or (b) of sub-paragraph (3).

(4)

If a member of the court has any direct or indirect interest in any dealing or business with the Bank—

(a)

he shall disclose his interest to the court at the time of the dealing or business being negotiated or transacted, and

(b)

he shall have no vote in relation to the dealing or business, unless the court has resolved that the interest does not give rise to a conflict of interest.

(5)

A member of the court shall have no vote in relation to any question arising which touches or concerns him but shall withdraw and be absent during the debate of any matter in which he is concerned.

(6)

Subject to sub-paragraphs F4(3) to (5), the court shall determine its own procedure F5(including quorum).

Annotations

Textual amendments

F1: Sch. 1 para. 13(2) omitted (1.6.2009) by virtue of Banking Act 2009 (c. 1), ss. 242(3)(a), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 5
F2: Sch. 1 para. 13(3) substituted (1.6.2009) by Banking Act 2009 (c. 1), ss. 241(1), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 4
F3: Sch. 1 para. 13(3A) inserted (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(12) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F4: Word in Sch. 1 para. 13(6) substituted (1.6.2009) by Banking Act 2009 (c. 1), ss. 242(3)(b), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 5
F5: Words in Sch. 1 para. 13(6) added (1.6.2009) by Banking Act 2009 (c. 1), ss. 242(3)(c), 263(1) (with s. 247); S.I. 2009/1296, art. 2, Sch. para. 5