23. Section 42 of the principal enactment is hereby amended as follows:-
| (1) by the repeal of subsection (1) of that section, and the substitution therefore of the following subsection: -
| | " (1) No person shall be appointed or elected as a director of a licensed commercial bank if he-
| | | (a) has been under any written law to force in Sri Lanka, found or declared to be of unsound mind; or |
| (b) is a person who, having been declared or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or |
| (c) has been convicted of an offence involving moral turpitude and punishable with a term of imprisonment; or |
| (d) is an employee or a director of any others licensed commercial bank or an employees (other than the chief executive officer) of the bank;"; and |
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| (2) by the repeal of paragraph (c) of subsection (2) at that section. |
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Sri Lanka Consolidated Acts