| Amendment of the Second Schedule to the principal enactment. | 2. The Second Schedule to the principal enactment is hereby amended as follows: -
| (a) by the repeal of Parts I, II, III, IV and V thereof; |
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| (b) by the renumbering of Part VI as Part I thereof; |
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| (c) by the repeal of by-law 70; |
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| (d) by the renumbering of by-laws 60, 61, 62, 63, 64, 65, 66, 67, 68, 69 and 71 as by-laws 1, 2, 3, 4, 5, 6, 7, 8, 9, 10 and 11 respectively; |
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| (e) in the renumbered by-law 6 by the substitution, for subparagraph (c) of paragraph (1) of the following new paragraph: - “(c) the proceedings and resolutions of all meetings of the board and committees."; |
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| (f) by the substitution, for the renumbered by-law 10, of the following new by law: -
| | 10. Nothing in by-law 9 shall apply to any contract made by or on behalf of the bank to give to the directors or any of them any security for advances or by way of indemnity."; | | |
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| (g) by the substitution, for the renumbered by-law 11, of the following new by-law: -
| | 11.
| | | (1) The board may delegate any of its powers, other than the power to appoint the general manager, to committees consisting of two or more directors, or to a director, or to the general manager or to any other officer of the bank selected by the board; and may from time to time revoke any such delegation either wholly or in part and either as to persons or purposes. Every such committee, director, general manager or other officer shall, in the exercise of the powers delegated to it or him, conform to all such regulations as are prescribed by the board. |
| (2) The general manager may, with the consent of the board, in writing delegate to any of the officers of the bank selected by him any of the powers delegated to him under paragraph (1). Every such officer shall in the exercise of the powers delegated to him under this paragraph conform to all such regulations as are prescribed by the board and the general manager. |
| (3) All acts done by any such committee, director, general manager or other officer in conformity with such regulations and in fulfilment of the purposes of its or his appointment, but not otherwise, shall have the like force and effect as if done by the board."; |
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| (h) by the renumbering of Part VII as Part II thereof; |
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| (i) by the renumbering of by-law 72 as by-law 12; |
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| (j) by the substitution, for the renumbered by-law 12, of the following new by-law: -
| | 12. No loan, overdraft, advance or other loans. accommodation shall be sanctioned by the board without the recommendation of the general manager unless such loan, overdraft, advance or other accommodation is approved by all the directors for the time being of the bank, after considering the written observations of the general manager of the bank."; | | |
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| (k) by the repeal of by-law 78; |
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| (l) by the renumbering of by-law 74 as by-law 13; |
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| (m) by the renumbering of Part VIII as Part III thereof; |
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| (n) by the renumbering of by-law 75 as by-law 14; |
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| (o) by the substitution, for the renumbered by-law 14, of the following new by-law: -
| | 14. A director may be remunerated out of the funds of the bank in such manner and at such rates as the Minister may determine.". | | |
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| (p) by the repeal of by-law 76; |
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| (q) by the renumbering of by-laws 77 and 78 as by-laws15 and 16; |
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| (r)by the repeal by-law 79; |
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| (s) by the renumbering of by-law 80 as by-law 17; |
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| (t) by the substitution, for the renumbered by-law 17, of the following new by-law: -
| | 17. Where any director is entrusted with any special mission of function or by request performs special services on behalf of the bank, the board may grant him such additional remuneration as it thinks fit. The directors may be repaid by the bank all such reasonable travelling, hotel and incidental expenses as they may incur in attending meetings of the board or of committees of the board or which they may otherwise incur in or about the business of the bank."; | | |
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| (u) by the renumbering of by-law 81 as by-law 18; (v) by the substitution, for the renumbered by-law 18, of the following new by-law:
| | 18. All remuneration to which directors who are state officers become entitled shall be paid to the Consolidated Fund."; | | |
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| (w) by the renumbering of Part IX as Part V thereof; |
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| (x) by the repeal of by-laws 82, 83 and 84; |
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| (y) by the renumbering of by-law 85 as by-law 19; |
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| (z) by the substitution, for the renumbered by-law 19, of the following new by-law: -
| | 19. The board may-
| | | (i) on the report of the general manager that the profits earned by the bank during any half-year justifies the payment of a half-yearly dividend; and |
| (ii) with the approval of the Minister,declare a half-yearly dividend."; |
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| (aa) by the repeal of by-law 86; |
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| (bb) by the renumbering of by-law 87 as by-law 20; |
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| (cc) by the substitution, for the renumbered by-law 20, of the following new by-law: -
| | 20. Any amounts standing to the credit of any reserve funds and also any other funds of the bank not for the time being employed in or required for the purposes of the business of the bank shall be invested with the approval of the Minister in stock, shares, debentures, bonds or securities-
| | | (a) recommended in writing by the general manager and approved at a meeting of the board by a majority of not less than two directors; or |
| (b) unanimously approved by all the directors for the time being of the bank after considering the written observations of the general manager of the bank.". |
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| (dd) by the repeal of by-laws 88, 89 and 90; and (ee) by the repeal of Part X thereof. |
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Sri Lanka Consolidated Acts