s 11
(1) Before appointing a person as an appointed member, the court of directors must consider whether the person has any financial or other interests that could have a material effect on the extent of the functions as member that it would be proper for the person to discharge. (2) The terms on which an appointed member (“M”) is appointed must be such as— (a) to secure that M is not subject to direction by the Bank, (b) to require M not to act in accordance with the directions of any other person, and (c) to prohibit M from acquiring any financial or other interests that have a material effect on the extent of the functions as member that it would be proper for M to discharge. (3) If M is an employee of the PRA, M's interest as employee is to be disregarded for the purposes of sub-paragraphs (1) and (2)(c) and paragraph 14.