# Bank of England Act 1998, Paragraph 12


(1) At a meeting of the Committee, the proceedings are to be regulated as follows.
(2) The quorum is to be determined by the Committee, but it must be not less than 3 and of those 3—
(a) one must be the Governor of the Bank, the Bank's Deputy Governor for financial stability or the Bank's Deputy Governor for markets and banking,
(b) unless both the Governor and the Bank's Deputy Governor for financial stability are present, one must be the Bank's Deputy Governor for prudential regulation, and
(c) one must be a member appointed under section 30A(2)(g).
(3) The chair is to be taken by the Governor of the Bank or, if the Governor is not present, by the Deputy Governor for financial stability or the Deputy Governor for markets and banking.
(4) The person chairing the meeting must seek to ensure that decisions of the Committee are reached by consensus wherever possible.
(5) Where that person forms the opinion that consensus cannot be reached, a decision is to be taken by a vote of all those members present at the meeting (subject to paragraphs 13 and 14).
(6) In the event of a tie, the person chairing the meeting is to have a second casting vote.

---
Source: https://www.legislation.gov.uk/ukpga/1998/11/schedule/6A/paragraph/12 (the official version)
Page: https://openlegislation.uk/bank-of-england-act-1998/schedule-6A/paragraph-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.