(Nationalisation) Bill.

ARRANGEMENT OF CLAUSES.

Clause.

1. Establishment of Bank Council.

2. Chancellor of Exchequer and Financial Secretary to Treasury responsible to Parliament for Bank Council.

3.

4.

Officers, &c.

Constitution of Bank Council.

5. Transference of powers, &c., of shareholders and court of directors of Bank of England to Bank Council.

6. Acquisition of Bank of England stock, and property and assets.

11. Sinking fund and depreciation fund.

12. Existing provisions applicable to Bank Council, 13. Title and commencement.

A

BILL

ΤΟ

Provide for the national acquisition and control A.D. 1926. of the Bank of England.

E it enacted by the King's most Excellent Majesty,

Spiritual and Temporal, and Commons, in the present Parliament assembled, and by the authority of the same, 5 as follows:

1. (1) For the purpose of the more effective Establishmanagement, control and carrying on of the Bank of ment of England there shall be established by His Majesty, Bank Council. by Warrant under the Sign Manual, a Bank Council, 10 consisting of a president, a vice-president and seven other members.

(2) The members of the Bank Council, including the president and the vice-president, shall be nominated by the Chancellor of the Exchequer.

15 (3) The members of the Bank Council, other than the president and vice-president, shall be appointed for five years, but shall be eligible for reappointment: Provided that His Majesty shall have power to remove any person appointed and appoint some other person in his 20 place. On a casual vacancy occurring by reason of the death or resignation of any member or otherwise His Majesty shall appoint some other person to fill the vacancy, who shall continue in office until the expiry of the term of office of the member in whose place he was appointed, 25 and shall then retire. The members of the Bank Council

A.D. 1926. shall devote the whole of their time to the business of the Bank Council.

Chancellor of

Exchequer and

2. The Chancellor of the Exchequer and the FinanFinancial Secre- cial Secretary to the Treasury shall be responsible to Parliament for the acts of the Bank Council.

tary to Treasury

responsible to

Parliament for
Bank Council.

Officers, &c.

Constitution

of Bank Council.

31 & 32 Vict. c. 37.

3. The Bank Council shall appoint a secretary (to be known as the permanent secretary) and such assistant secretaries and officers and servants as the Bank Council may, with the sanction of the Treasury, determine.

4. (1) The Bank Council shall be a corporation to be known by the name of the Bank Council, and by that name shall have perpetual succession and may acquire and hold land without licence in mortmain.

5

10

(2) The Bank Council shall have an official seal, 15 which shall be officially and judicially noticed and shall be authenticated by the signature of the president or any person authorised to act in that behalf.

(3) The Bank Council may sue and be sued, and may for all purposes be described by that name.

(4) The Documentary Evidence Act, 1868, as amended by the Documentary Evidence Act, 1882, 45 & 46 Vict. shall apply to the Bank Council as if the Bank Council

c. 9.

Transference of

of share

holders and
court of
directors
of Bank of
England to

20

were mentioned in the first column of the schedule to
the first-mentioned Act, and as if the president or a 25
secretary of the Bank Council, or any person authorised
by the president to act on behalf of the Bank Council,
was mentioned in the second column of that schedule.

5. On and after the appointed date all the powers, duties, rights, authority and liabilities in relation to 30 powers, &c. the management and control of the Bank of England at the date of the passing of this Act vested in or exercised by the shareholders and court of directors of the said bank, together with the property and assets in connection therewith, shall cease to be vested in, exercised by and 35 held by the said shareholders and court of directors and shall become vested in, exercised by, and held by the Bank Council in their corporate capacity in perpetuity, and the Bank of England shall for all purposes be deemed to be a State bank.

Bank

Council.

40