Page 259 - The Persian Gulf Historical Summaries (1907-1953) Vol II

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A.—Constitution of the Board
1. The Board shall consist of such number of members not exceeding five
as We shall from time to time determine.
2. The first members of the Board shall be: —
The Right Honourable Lord Piercy, C.B.E.
The Right Honourable Lord Rennet of the Dene, P.C., G.B.E., D.S.O.
Mr. H. T. Kemp.
Mr. C. P. L. Whishaw.
3. The first Chairman of the Board shall be the said Mr. H. T. Kemp.
4. We shall be entitled from time to time—
(o) Subject to A. I to appoint any person to be a member of the Board as
an additional member or in the place of a member who has died,
retired or been removed.
(h) To remove any member from the Board.

We shall notify the Board of such appointments and removals in writing
signed by Us.
5. In the event of the death, retirement or removal of a member of the Board,
the remaining members shall exercise all the powers of the Board.

B. —Proceedings of the Board
1. The Board shall regulate its own proceedings.
2. The Chairman, if present, shall preside at meetings of the Board. If the
Chairman shall not be present the members of the Board present at a meeting
shall depute one of their number to preside at that meeting.
3. Any document requiring to be signed or executed on behalf of the Board
(including any instructions in relation to the purchase or sale of investments or
to the transfer or payment of money) shall be signed or executed by not less than
two members of the Board.
C. —Powers and Duties of the Board
1. —(a) All moneys placed by Us under the supervision of the Board shall be
paid to the Bank of England for the credit of an account or accounts in Our name.
(h) The Board shall make arrangements whereby all securities and investments
purchased by the Board on Our behalf are held for Our account by the Bank of
England and are registered in the names of nominees of the Bank of England.
2. The Board shall on Our behalf exercise the following powers and perform
the following duties and functions: —
(a) To operate the accounts mentioned in paragraph C. 1.
(h) To buy, accept or otherwise acquire and sell, transfer, exchange or
otherwise dispose of stocks, shares, annuities, debentures, debenture
stock bonds, obligations and other securities and investments.
(c) To receive and give a good discharge for any sums of money payable in
respect of any investment made by the Board and to give instructions
as to the manner in which any such moneys shall be paid or dealt with.
(d) To receive and give a good discharge for any sums recoverable in respect
of income tax or any other tax deducted before payment of any interest
or dividend on any investment made by the Board and to give
instructions as to the manner in which any such moneys shall be paid
or dealt with.
(e) To give the Bank of England directions generally regarding the exercise
of all rights and privileges and the performance of all duties in relation
to any of the said investments.
(/) To engage, remunerate and determine the duties and terms of service of
such employees as the Board may require for the exercise of its
functions.
/ ) y0 kUy or take on lease (in the name of nominees if the Board thinks it
* desirable) and to sell and dispose of land and buildings for use as offices
in the performance of the duties of the Board.