Paragraph 9

United Kingdom

(1)

The F1court of directors of the Bank may, with the consent of the Chancellor of the Exchequer, remove a member appointed under section 13(2)(b) or (c) if it is satisfied—

(a)

that he has been absent from the F23 or more meetings of the Monetary Policy Committee without F3that Committee's consent,

(b)

that he has become bankrupt F4, that a debt relief order (under Part 7A of the Insolvency Act 1986) has been made in respect of him, that his estate has been sequestrated or that he has made an arrangement with or granted a trust deed for his creditors, or

(c)

that he is unable or unfit to discharge his functions as a member.

F5(1A)

The court of directors may, with the consent of the Chancellor of the Exchequer, also remove a member appointed under section 13(2)(c) if it is satisfied that in all the circumstances his financial or other interests are such as substantially to affect the functions as member which it would be proper for him to discharge.

F6(2)

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

Annotations

Textual amendments

F1: Words in Sch. 3 para. 9(1) substituted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(5)(a) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F2: Words in Sch. 3 para. 9(1)(a) substituted (6.7.2016) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(5)(b) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F3: Words in Sch. 3 para. 9(1)(a) substituted (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. 2(8)(a)(ii) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.
F4: Words in Sch. 3 para. 9(1)(b) inserted (1.10.2012) by The Tribunals, Courts and Enforcement Act 2007 (Consequential Amendments) Order 2012 (S.I. 2012/2404), art. 1, Sch. 2 para. 38(3) (with art. 5)
F5: Sch. 3 para. 9(1A) inserted (6.7.2016) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 21(6) (with Sch. 3); S.I. 2016/627, reg. 2(2)(h)
F6: Sch. 3 para. 9(2) omitted (19.2.2013 for specified purposes, 1.4.2013 in so far as not already in force) by virtue of Financial Services Act 2012 (c. 21), s. 122(3), Sch. 2 para. 2(8)(b) (with Sch. 20); S.I. 2013/113, art. 2(2), Sch. Pt. 4; S.I. 2013/423, art. 3, Sch.