Commentary on Sections Financial stability committee: supplemental Section 241: Chair of Court
540.This section amends the Bank of England Act 1998 (at paragraph 13 of Schedule 1) with a new sub-paragraph (3), which provides that the Chancellor of the Exchequer designates a member of Court as the Chair of Court (the current Act required the Governor to be the chair of Court). It also provides for the Chancellor to designate deputies to serve in the absence of the Chair.
541.Subsection (2) substitutes a new section 3(4) of the Act to provide that the Chair of Court (when present) is to chair the sub-committee of non-executive directors established under the Bank of England Act.