# Bank of England Act 1998, Paragraph 5


(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.

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Source: https://www.legislation.gov.uk/ukpga/1998/11/schedule/6A/paragraph/5 (the official version)
Page: https://openlegislation.uk/bank-of-england-act-1998/schedule-6A/paragraph-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.