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UK Law Reference
All sections of Bank of England and Financial Services Act 2016
2016 c. 14, s.2

Section 2 — Term of office of non-executive directors

This version in force from 2016-07-06

Snapshot: 2026-08-24

Reproduced from legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). Amendments made after 2026-08-24 may not be reflected — always check the official text .

(1) Paragraph 2 of Schedule 1 to the Bank of England Act 1998 (term of office of non-executive directors) is amended as follows.

(2) The existing text becomes sub-paragraph (1).

(3) After that sub-paragraph insert— (2) If it appears to Her Majesty that in the circumstances it is desirable to do so, Her Majesty may, before the end of the term for which a person is appointed as non-executive director, extend the person's term of office on one occasion for a specified period of not more than 6 months. (3) If a person whose term of office is extended under sub-paragraph (2) is subsequently re-appointed as non-executive director— (a) the length of the term of his or her re-appointment (or, if the person is re-appointed more than once, of the first re-appointment following the extension) is to be reduced by a period equal to the extension, but (b) the term of that re-appointment may itself be extended under sub-paragraph (2).