8.
| (1) The board shall consist of not more than five directors. |
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| (2) The Minister and the Minister of Finance shall each have the right to nominate one director. The two directors so nominated are hereinafter referred to as "nominated directors". |
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| (3) The first four directors shall be nominated by the Minister and the other first director shall be nominated by the Minister of Finance. |
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| (4) The nomination of a director shall be made by an instrument in writing, hereinafter called the " instrument of nomination " signed by or on behalf of the appropriate Minister and shall take effect upon the signing of the instrument of nomination. |
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| (5) The Minister shall specify in the instrument of nomination of the first four directors which one of such directors is the nominated director. |
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| (6) The other three first directors shall, for all purposes, be regarded as if they had been elected on the date on which they were nominated and shall be deemed to be elected directors. |
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* 12th August, 1966-Gazette No. 14,708 of 12th August, 1966. |
Sri Lanka Consolidated Acts