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G4 - COURT OF DIRECTORS: MINUTES

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G4 - COURT OF DIRECTORS: MINUTES

Catalogue

Extent: 228 volumes

Admin History: Originally, in 1694, the Court of Directors consisted of the Governor, the Deputy Governor and 24 Directors, of whom only the two former worked full-time in the Bank. It soon became the practice for the Governor and Deputy Governor to serve for not more than two years and for the Deputy Governor to succeed the Governor: this procedure continued, with few exceptions, for over 200 years until Montagu Collet Norman's Governorship.During the 18th and 19th centuries the Committee of Treasury was responsible for drawing up the lists of proposals for Governors’ and Directors’ elections. The Directors retired each year but were eligible for re-election subject to a statutory requirement that not more than two-thirds of the retiring Court be re-elected. This proportion was amended to 7/8 in 1872 and discarded altogether in 1897. In 1848, significant reforms were introduced concerning the ‘rotation of chairs’. The ‘rotation of chairs’ was the practice whereby Directors sat on Court until it was ‘their turn’ to serve as Deputy Governor and then Governor. This meant newly elected Directors had to be relatively young to ensure they were not too old when it came to their turn to be Deputy Governor or Governor (waits of up to 20 years to serve as Governor were not uncommon). But this process also meant new, young Directors also lacked experience. After 1848 there was a whole new emphasis on electing older individuals who had experience and capability, and as a result the Court as a whole became a better qualified group. Whilst the formal ‘rotation of chairs’ was repudiated, the process continued up until WWI. [Ref: 'The Bank of England' eds. Roberts and Kynaston, chapter 7, Hennessy, p.190]From the earliest days there was a requirement that the Court should meet at least once a week. In 1946, with the nationalisation of the Bank, the Court was reduced in number to the Governor, the Deputy Governor and 16 Directors, all appointed by the Crown with provision, as before, for the Court to engage the exclusive services of four of their number as Executive Directors. The term of office of the two Governors was set at five years' duration and that of the Directors at four years, thus facilitating the retirement by rotation of four Directors each year. The requirement that the Court should meet at least once a week was continued and, failing a quorum (nine members), the members available met as a Meeting of Directors rather than a Court of Directors with the proceedings requiring the confirmation of the next following Court.

RefNo: G4

Date: 1694 - 1992

Related Material: In 1899 the 'Chubb' Index was compiled - see G16. Although incomplete, the Index does provide a ready reference to the Court Minutes up to that date and in some cases notes have been added to this series. For Court Directors Minutes from 1993 onwards see 12A110.

Level: Series

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Date

120 – COURT OF DIRECTORS: MINUTES

8 Apr 1897 - 14 Apr 1898

121 – COURT OF DIRECTORS: MINUTES

21 Apr 1898 - 6 Apr 1899

122 – COURT OF DIRECTORS: MINUTES

13 Apr 1899 - 29 Mar 1900

123 – COURT OF DIRECTORS: MINUTES

5 Apr 1900 - 11 Apr 1901

124 – COURT OF DIRECTORS: MINUTES

18 Apr 1901 - 10 Apr 1902

125 – COURT OF DIRECTORS: MINUTES

17 Apr 1902 - 16 Apr 1903

126 – COURT OF DIRECTORS: MINUTES

23 Apr 1903 - 13 Apr 1904

127 – COURT OF DIRECTORS: MINUTES

21 Apr 1904 - 6 Apr 1905

128 – COURT OF DIRECTORS: MINUTES

13 Apr 1905 - 29 Mar 1906

129 – COURT OF DIRECTORS: MINUTES

5 Apr 1906 - 4 Apr 1907

13 – COURT OF DIRECTORS: MINUTES

2 Jan 1724 - 9 Nov 1727

130 – COURT OF DIRECTORS: MINUTES

Includes report (dated 29th November 1906) by a Special Committee appointed by the Court of Directors to consider proposals for a staff Sports Club (report is at back of the volume and also includes a colour plan of the site in South West London under consideration for acquisition); appointment of election Montagu Collet Norman as Director on 17 Oct 1907, p. 121.

11 Apr 1907 - 2 Apr 1908

131 – COURT OF DIRECTORS: MINUTES

9 Apr 1908 - 15 Apr 1909

132 – COURT OF DIRECTORS: MINUTES

22 Apr 1909 - 7 Apr 1910

133 – COURT OF DIRECTORS: MINUTES

14 Apr 1910 - 30 Mar 1911

134 – COURT OF DIRECTORS: MINUTES

6 Apr 1911 - 11 Apr 1912

135 – COURT OF DIRECTORS: MINUTES

Includes reference to a donation made by the Bank of 250 guineas to the Mansion House fund for the relief of those in need through the loss of life on the Titanic (pages 10/11).

18 Apr 1912 - 10 Apr 1913