422.
| (1) For the purposes of advising the Minister on any matter referred to him in relation to the law relation to companies, the Minister may
| | (a) constitute a Commission (hereinafter referred to as the " Advisory Commission ") consisting of not less than five and not more than ten persons with suitable qualifications; and | | |
| | (b) appoint one of such persons to be Chairman of the said Advisory Commission. | | |
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| (2) It shall be the duty of the Advisory Company
| | (a) to inquire into and report to the Minister on any matter or question relating to companies and the law applicable to companies as may be referred to it by the Minister from time to time ; | | |
| | (b) to review the law relating to and applicable to companies from time to time and to make proposals to the Minister for the alteration, modification or addition to such law ; | | |
| | (c) in making the recommendations referred to in paragraph (a) or (b) to consult and take into consideration where the Advisory Commission deems necessary the views of trade chambers, professional organizations, monetary institutions; governmental authorities and the general public. | | |
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| (3) The Registrar shall be an ex officio member of the Advisory Commission and shall also function as its Convener and Secretary. |
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| (4) The Minister may give special or general directions in writing as to the performance of the duties and the exercise of the powers of the Advisory Commission, and the Advisory Commission shall give effect to such directions. |
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| (5)
| | (a) Subject to the provisions of subsection (6), the term of office of the members of the Advisory Commission shall be three years: | | |
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| (6)
| | (a) A member of the Advisory Commission may resign from office by letter addressed to the Minister. | | |
| | (b) All members of the Advisory Commission shall hold office during good behaviour and may be removed from office by the Minister. | | |
| | (c) Where a member is temporarily unable to discharge the duties of his office on account of ill health, absence from Sri Lanka or any other cause, the Minister ma; appoint some other person to act as a member in his place | | |
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| (7) The Advisory Commission may, with the approval of the Minister, appoint such officers and servants to assist the Advisory Commission in carrying out its duties under this Part. |
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| (8) The members of the Advisory Commission, its Secretary and other officers and servants may be paid such remuneration out of the Fund as may be determined by the Minister. |
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Sri Lanka Consolidated Acts