5. Section 10 of the principal- enactment is hereby amended as follows :
| (1)by the repeal of subsection (3) of that section ; |
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| (2) by the renumbering subsections (4), (5), (6) and (7) of that section, as subsections (3), (4), (5) and (6) respectively, of that section ; |
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| (3) in the renumbered subsection (4) of that section
| | (a) by the substitution for the words " elected under subsection (6) ", of the words " elected under subsection (5) " ; and | | |
| | (b) by the omission of the words "No shareholder-director shall hold office for a continuous period of more than eight years ", from that subsection; | | |
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| (4) in the renumbered subsection (5) of that section, by the substitution for the words "Member of Parliament or a member of a local authority,", of the words " Member of Parliament or a member of a Provincial Council or a local authority,"; and |
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| (5) in the renumbered subsection (6) of that section, by the omission of the words " such election shall not take effect unless approved .by the Minister in charge of the subjects of Finance and Planning" from that subsection. |
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Sri Lanka Consolidated Acts