5. Section 10 of the principal enactment replaced by law No. 12 of 1974, is hereby amended as follows:
| (1) by the repeal of subsection (2) of that section and the substitution therefor of the following subsection :
| | " (2) The Minister in charge of the subject of Finance shall be entitled from time to time to appoint any person as a director (hereinafter called the " Government director") of the Corporation, to remove such person from office and, on a vacancy being caused in such office whether by resignation, death, removal or otherwise, to appoint a director to fill the vacancy. The Government director shall not be liable to retire by rotation or be removed from office except by such Minister and shall not be bound to hold any qualification shares-Subject as aforesaid the Government director shall be entitled to the same rights and privileges and be subject to the same obligations as any other director of the Corporation. "; | | |
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| (2) by the repeal of subsection (4) of that section and the substitution therefor of the following subsection :
| | " (4) The holder for the time being of the office of General Manager of the Corporation shall be an ex officio director of the Corporation without the right to vote. The ex officio director shall not be required to hold any qualification shares. "; and | | |
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| (3) by the substitution, in subsection (5) of that section for the words " be citizens of Sri Lanka.", of the words " be citizens of Sri Lanka. No shareholder-director shall hold office for a continuous period of more than eight years. ". |
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Sri Lanka Consolidated Acts