8. The following provisions shall have effect in respect of the Bank: -
| (a) The Directors of the Bank on the day immediately prior to the date of commencement of this Act shall cease to hold office as such Directors on that day. |
|
| (b) The management and administration of the business and affairs of the Bank shall be vested in a Board of Directors constituted as provided in this section. |
|
| (c) The Board of Directors so constituted may exercise, discharge or perform the powers, functions or duties of the Bank for the purpose of carrying on the business, and administering the affairs, of the Bank. |
|
| (d) The Board of Directors of the Bank shall consist of six Directors, five of whom shall be appointed by the Minister and the other shall be the person for the time being holding the office of Secretary to the Treasury. Each Director so appointed is in this section referred to as an " appointed Director ", and the Secretary to the Treasury is in this section referred to as the " ex officio Director ". |
|
| (e) A Senator or a Member of Parliament shall not be qualified to be a Director. |
|
| (f) The Minister shall appoint one of the appointed Directors as the Chairman of the Board of Directors. |
|
| (g) Every appointed Director shall hold office for a period of three years, unless he is earlier removed from office or vacates his office. |
|
| (h) If any appointed Director is temporarily unable to discharge the duties of his office on account of ill health, or absence from Ceylon, or any other cause, the Minister may appoint some other person to act as a Director in his place. |
|
| (i) If the ex officio Director is unable to attend any meeting of the Board of Directors, he may authorize any other officer to be present on his behalf at such meeting; and the officer so authorized shall be deemed for the purpose of such meeting to be a member of the Board of Directors. |
|
| (j) An appointed Director may resign his office by letter addressed to the Minister. |
|
| (k) The Minister may, if he thinks it expedient to do so, remove an appointed Director from office. |
|
| (l) A Director who vacates office by resignation or effluxion of time shall be eligible for reappointment. |
|
| (m) A Director may be remunerated out of the funds of the Bank in such manner and at such rates as the Minister may determine. |
|
| (n) The ex officio Director shall have all the same rights and privileges as the appointed Directors. |
|
|
Sri Lanka Consolidated Acts