7.
| (1) The Corporation shall have a Board of Directors consisting of five members appointed by the Minister, one of whom shall be an officer of the Ministry of Finance. |
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| (2) A person shall not be qualified for appointment or for continuing as a Director-
| | (a) if he is a Senator or a Member of Parliament; or | | |
| | (b) if he is, under any law in force in Ceylon, found or declared to be of unsound mind; or | | |
| | (c) if he is a person who, having been declared an insolvent or a bankrupt under any law in force in Ceylon or in any other country, is an undischarged insolvent or bankrupt; or | | |
| | (d) if he is convicted of an offence involving moral turpitude and punishable with imprisonment for a term of not less than six months; or | | |
| | (e) if he has any such financial or other interest as is likely to affect prejudicially the discharge by him of his functions as a Director. | | |
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| (3) Where a Director is, by reason of illness or other infirmity or absence from Ceylon, temporarily unable to perform the duties of his office, then, the Minister may appoint any person to act in his place. |
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| (4) The Minister may, without assigning a reason, remove any Director from office. Such removal shall not be called in question in any Court whether by way of writ or otherwise. |
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| (5) A Director may resign the office of Director by letter addressed to the Minister. |
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| (6) Subject to the provisions of sub-section (4) and sub-section (5), the term of office of a Director shall be three years: |
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Sri Lanka Consolidated Acts