Paragraph 5 F1

(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 term for which a person is appointed as a member of the Committee under section 30A(2)(g), extend the person'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 or, in a case where paragraph 4(2) allows a third term, the person's third term.

(3)

If a person whose first term of office is extended is subsequently re-appointed under section 30A(2)(g)—

(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 be extended under sub-paragraph (1).

(4)

In a case where a person's second term of office is extended and paragraph 4(2) allows a third term, sub-paragraph (3) is to be read as if the references to first and second terms were references to second and third terms respectively.

Annotations

Textual amendments

F1: Sch. 6A inserted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 1 (with Sch. 3); S.I. 2017/43, reg. 2(d)