Sri Lanka Consolidated Acts

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Ceylon Petroleum Corporation (Amendment) Law (No. 2 of 1976) - Sect 4

Replacement of section 17 of the principal enactment

4. Section 17 of the principal enactment is hereby repealed and the following new section substituted therefor; -
17.
(1) The Minister shall appoint a Chairman of the Board of Directors from among the Directors and may at any time appoint one of the Directors as the Managing Director of the Corporation. The Chairman of the Board of Directors shall be eligible for appointment as the Managing Director.
(2) The Managing Director of the Corporation shall be eligible for appointment as the Chairman of the Board of Directors.
(3) The terms and conditions of the appointment of the Managing Director of the Corporation shall be determined by the Minister with the concurrence of the Minister in charge of the subject of Finance.
(4) The Managing Director's term of office, his remuneration, his resignation or removal from or vacation of office, and his eligibility for reappointment on vacation of office shall notwithstanding anything in subsection (6) of section 8 be in accordance with the terms and conditions of his appointment."

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