{
  "url": "https://openlegislation.uk/banking-act-1987-repealed/schedule-4/paragraph-1",
  "json_url": "https://openlegislation.uk/banking-act-1987-repealed/schedule-4/paragraph-1.json",
  "legislation": "ukpga/1987/22",
  "legislation_title": "Banking Act 1987 (repealed)",
  "legislation_url": "https://openlegislation.uk/banking-act-1987-repealed",
  "path": "schedule/4/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": null,
  "text": "(1) The Board shall consist of three ex officio members, namely—\n(a) the Chairman of the Authority, who shall chair the Board;\n(b) the holder of such other office within the Authority as the Chairman of the Authority may designate for the purposes of this provision; and\n(c) the Deputy Governor of the Bank of England responsible for financial stability;\nand such ordinary members as shall from time to time be appointed under sub-paragraph (2) below.\n(2) The Chairman of the Authority shall appoint as ordinary members of the Board—\n(a) three persons who are directors, controllers or managers of contributory institutions; and\n(b) persons who are officers or employees of the Authority.\n(3) An ex officio member of the Board may appoint an alternate member to perform his duties as a member in his absence as follows—\n(a) the Chairman of the Authority or the holder of a designated office within the Authority may appoint an officer or employee of the Authority, and\n(b) the Deputy Governor of the Bank of England may appoint an officer or employee of the Bank.\n(4) Each ordinary member of the Board may appoint an appropriately qualified person as an alternate member to perform his duties as a member in his absence; and for this purpose a person is appropriately qualified for appointment as an alternate—\n(a) by a member appointed under paragraph (a) of sub-paragraph (2) above, if he is a director, controller or manager of a contributory institution; and\n(b) by a member appointed under paragraph (b) of that sub-paragraph, if he is either an officer or an employee of the Authority.\n(5) Ordinary and alternate members of the Board shall hold and vacate office in accordance with the terms of their appointment.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 4 para. 1(a)-(c) substituted (1.6.1998) by 1998 c. 11, s. 29(2); S.I. 1998/1120, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 4 para. 1(2) substituted (1.6.1998) by 1998 C. 11, s. 29(3); S.I. 1998/1120, art. 2"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 4 para. 1(3) substituted (1.6.1998) by 1998 c. 11, s. 29(4); S.I. 1998/1120, art. 2"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in Sch. 4 para. 1(4) substituted (1.6.1998) by 1998 c. 11, s. 29(5); S.I. 1998/1120, art. 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1987/22/schedule/4/paragraph/1",
    "retrieved_at": "2026-10-29T09:52:41.355387+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}