Sri Lanka Consolidated Acts

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Bank of Ceylon (Amendment) Law (No. 10 of 1974) - Sect 3

Replacement of section 6 of the principal enactment

3. Section 6 of the principal enactment is hereby repealed and the following new section substituted therefor: -
6.
(1) The management and administration of the affairs of the bank shall be vested in a board, consisting of six directors appointed by the Minister, one of whom shall be a representative of the Ministry in charge of the Minister to whom the subject of Finance is assigned (hereinafter referred to as the " ex officio director ").
(2) The board may exercise, discharge or perform the powers, functions or duties of the bank for the purpose of carrying on the business, and administering the affairs, of the bank.
(3) No act or proceeding of the board shall be invalid by reason only of the existence of any vacancy among the directors or any defect in the appoint ment of a director or authorization by the ex officio director under subsection (8).
(4) A Member of Parliament shall not be qualified to be a director.
(5) The Minister shall appoint one of the appointed directors as the chairman of the board.
(6) Every appointed director shall hold office for a period of three years, unless he is earlier removed from office or vacates his office.
(7) If any appointed director is temporarily unable to discharge the duties of his office on account of ill health, or absence from Sri Lanka, or any other cause, the Minister may appoint some other person to act as a director in his place.
(8) If the ex officio director is unable to attend any meeting of the board, he may authorize any other officer to be present on his behalf at such meeting; and the officer so authorized shall be deemed for the purpose of such meeting to be a member of the board.
(9) An appointed director may resign his office by letter addressed to the Minister.
(10) The Minister may, if he thinks it expedient to do so, remove an appointed director from office.
(11) A director who vacates office by resignation or effluxion of time shall be eligible for reappointment.
(12) The ex officio director shall have all the same rights and privileges as the appointed directors.
(13) The provisions of subsections (1). (2) and (3) shall be deemed to have come into operation on October 12, 1961.'.

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