51 Delegation

(1)

The Governor may, at any time, delegate to the Deputy Chief Executive any of the Governor’s functions and powers including the power of delegation under subsection (2).

(2)

The Governor may, at any time, delegate any of the Governor’s functions and powers—

(a)

if there is more than 1 Deputy Governor of the Bank, to the Deputy Governor who is not the Deputy Chief Executive:

(b)

to any officer of the Bank.

(3)

The fact that the Deputy Chief Executive exercises any powers or functions of the Governor shall be conclusive proof of the authority to do so, and no person shall be concerned to inquire whether the occasion for doing so has arisen or has ceased.

(4)

A Deputy Governor who is not the Deputy Chief Executive and any officer of the Bank who purports to act pursuant to any delegation under this section shall, in the absence of proof to the contrary, be presumed to be acting in accordance with the terms of the delegation.

(5)

Subject to any general or special directions given or conditions attached by the Governor, any person to whom any powers or functions are delegated under this section may exercise them in the same manner and with the same effect as if they had been conferred directly by this Act or under any of the following Acts, and not by delegation:

(6)

A delegation under this section may be revoked at any time.

(7)

A delegation of any power or function under this section shall not prevent the exercise of the power or function by the Governor.

(8)

Any such delegation, until it is revoked, shall continue in force according to its tenor, notwithstanding that the Governor who made it may have ceased to hold office.

(9)

To avoid doubt, the Governor’s functions and powers include his or her functions and powers under the following Acts:

Compare: 1964 No 134 s 18(3), (4)

Section 51(5): replaced, on 8 September 2010, by section 241(1) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Section 51(5): amended, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 51(5)(c): inserted, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).

Section 51(9): replaced, on 8 September 2010, by section 241(1) of the Insurance (Prudential Supervision) Act 2010 (2010 No 111).

Section 51(9)(c): inserted, on 1 May 2014, by section 92(1) of the Non-bank Deposit Takers Act 2013 (2013 No 104).