5.
| (1) The affairs of the Corporation shall, subject to the by-laws of the Corporation, be administered by a Board of Elders consisting of the Chairman, Secretary, Treasurer and such number of other members as may be provided for in such by-laws, and appointed, elected or nominated, as the case may be, in accordance with such by-laws. |
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| (2) The first Board of Elders of the Corporation shall be the Board of Elders of the Assembly holding office at the time of the coming into operation of this Act. |
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Sri Lanka Consolidated Acts