# Bank of England Act 1998, Paragraph 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).

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Source: https://www.legislation.gov.uk/ukpga/1998/11/schedule/3/paragraph/2B (the official version)
Page: https://openlegislation.uk/bank-of-england-act-1998/schedule-3/paragraph-2B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.