(1) For paragraph 13(3) of Schedule 1 to the Bank of England Act 1998 (court of directors: chairing meetings) substitute -
"(3) The Chancellor of the Exchequer may designate -
(a) a member of the court to chair its meetings ("the chair of the court"), and
(b) one or more members of the court as deputies to chair its meetings in the absence of the chair of the court."
(2) For section 3(4) of that Act (sub-committee: chair) substitute -
"(4) The chair of the court (designated under paragraph 13 of Schedule 1) shall chair meetings of the sub-committee (when present)."