(1)The Lord Mayor and aldermen of the City of London shall by virtue of the charter granted by His late Majesty King George II dated 25th August 1741 continue to be justices of the peace for the City but any of them may be excluded by the Lord Chancellor from the exercise of his functions as a justice.
(2)The persons holding office as justices of the peace for the City shall constitute a single body of justices, without distinction between those holding office by virtue of the charter and those appointed; and the jurisdiction and powers of the Lord Mayor and aldermen as justices by virtue of the charter are the same in all respects as those of appointed justices.
(3)The jurisdiction and powers of the justices of the peace for the City are in continuation of those which, before the issue of a commission of the peace for the City, belonged exclusively to the justices holding office by virtue of the charter.