Bank of England Act 1998
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Change 1
3C Reviews
(1) In the discharge of any of itsoversight functions, the court of directors may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by the court of directors, and (b) for the person conducting the review to make one or more reports to the court of directors . (1A) Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and (b) for the person conducting the review to make one or more reports to the court of directors. (2) The persons who may be appointed to conduct a review include an officer or employee of the Bank. (3) A review under this section is a “performance review” if it— (a) is arranged in relation to the discharge of any of the court's functions under section 3A(2)(a) and (b), and (b) relates to past events. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) In the case of a performance review, regard must be had to the desirability of ensuring that sufficient time has elapsed— (a) for the review to be effective, and (b) to avoid the review having a material adverse effect on the exercise by the Bank of its functions.
3C Reviews
(1) In the discharge of any of itsoversight functions, the court of directors may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by the court of directors, and (b) for the person conducting the review to make one or more reports to the court of directors . (1A) Where they consider that to do so would contribute to the discharge by the court of directors of any of its oversight functions, the non-executive directors of the Bank (or a majority of them) may arrange— (a) for a review to be conducted under this section in relation to any matter by a person appointed by those directors, and (b) for the person conducting the review to make one or more reports to the court of directors. (2) The persons who may be appointed to conduct a review include an officer or employee of the Bank. (3) A review under this section is a “performance review” if it— (a) is arranged in relation to the discharge of any of the court's functions under section 3A(2)(a) and (b), and (b) relates to past events. (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5) In the case of a performance review, regard must be had to the desirability of ensuring that sufficient time has elapsed— (a) for the review to be effective, and (b) to avoid the review having a material adverse effect on the exercise by the Bank of its functions.
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