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Ordered to be brought in by
Mr. Robert Richardson.
Ordered, by The House of Commons, to be Printed,
23 March 1926.
To be purchased directly from
Street, London, $.w. 1; York Street, Manchester;
or through any Bookseller.
Printed by Eyro and Spottiswoode, Ltd.,
East Harding Streot, E.C. 4.
[Price 3d. Net.j [Bill 74]
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. Officers, &c. 4. 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. 7. Bank Commissioners. 8. Issue of new Bank of England stock. 9. Powers of Bank Council. 10. Accounts. 11. Sinking fund and depreciation fund. 12. Existing provisions applicable to Bank Council. 13. Title and commencement.
B I L
Provide for the national acquisition and control
of the Bank of England.
E it enacted by the King's most Excellent Majesty,
by and with the advice and consent of the Lords 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 tary to Treasury responsible to Parliament for Bank Council. Officers, &c.
2. The Chancellor. of the Exchequer and the FinanFinanclal sector cial Secretary to the Treasury shall be responsible to Parliament for the acts of the Bank Council.
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.
Constitution 4.-(1) The Bank Council shall be a corporation to of Bank
be known by the name of the Bank Council, and by that Council.
name shall have perpetual succession and may acquire and hold land without licence in mortmain.
(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.
20 31 & 32 Vict. (4) The Documentary Evidence Act, 1868, C. 37.
amended by the Documentary Evidence Act, 1882, 45& 46 Vict. shall apply to the Bank Council as if the Bank Council
were mentioned in the first column of the schedule to
5. On and after the appointed date all the powers, ence of
duties, rights, authority and liabilities in relation to 30 powers, &c. the management and control of the Bank of England at holders and
the date of the passing of this Act vested in or exercised court of by the shareholders and court of directors of the said directors bank, together with the property and assets in connection
therewith, shall cease to be vested in, exercised by and 35 England to held by the said shareholders and court of directors and Bank Council.
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.