2.
| (1) Where the Minister considers it desirable that a Board should be established for the purpose of performing any one or more, or any part, of the functions specified in section 20, the Minister may, by Order published in the Gazette-
| | (i) specify, subject to the provisions of section 20, the functions to which the Order relates; | | |
| | (ii) declare that a Board shall be established to perform the specified functions; | | |
| | (iii) assign a corporate name to the Board; | | |
| | (iv) specify the initial capital of the Board which shall not exceed such amount as shall have been approved by the House of Representatives; | | |
| | (v) specify the special powers, if any, of the Board; | | |
| | (vi) state the principal place of business of the Board; | | |
| | (vii) fix the number of members of the Board, the number so fixed being not more than seven; | | |
| | (viii) appoint, in accordance with the provisions of section 3, the members of the Board; | | |
| | (ix) appoint one of the members of the Board as the Chairman of the Board; and | | |
| | (x) determine the quorum for any meeting of the Board. | | |
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| (2) Upon the publication of an Order under subsection (1) in the Gazette, a Board (in this Act referred to as the " Board ") consisting of the persons who are for the time being members thereof by virtue of the provisions of section 3 shall, with the corporate name specified in such Order, be deemed to have been established. The Board shall be a body corporate and shall have perpetual succession. |
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| (3) The Minister may, from time to time, by Order published in the Gazette, amend or rescind any Order made under sub-section (1). |
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| (4) An Order made under sub-section (1), as amended from time to time, is in this Act referred to as the " Incorporation Order ". |
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| (5) The Board may sue and be sued in its corporate name. |
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| (6) The functions of the Board shall be those specified in the Incorporation Order. |
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| (7) The special powers of the Board shall be those specified in the Incorporation Order. |
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| (8) The principal place of business of the Board shall be that specified in the Incorporation Order. |
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Sri Lanka Consolidated Acts