42.
| (1) No person shall be appointed or elected as a director of a licensed commercial bank if he
| | (a) is a person who, having been declared insolvent or a bankrupt under any law in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or | | |
| | (b) is serving or has served a sentence of imprisonment imposed by any court in Sri Lanka or any other country; or | | |
| | (c) has been convicted of any act which is of a fraudulent or illegal character, | | |
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| (2) A director of a licensed commercial bank shall be removed from the office of director if
| | (a) he becomes subject to any of the disqualifications mentioned in subsection (1) ; or | | |
| | (b) he becomes permanently incapable of performing his duties ; or | | |
| | (c) he has been convicted of any act which is of a fraudulent or illegal character; or | | |
| | (d) has done an act or thing which is manifestly opposed to the objectives and interests of the licensed commercial bank. | | |
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Sri Lanka Consolidated Acts