16.
| (1) The Board shall, every three years, appoint such number of fit and proper persons as it may deem fit to constitute a panel of valuers. |
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| (2) The duty of each members of such panel shall be to
| | (i) inspect and value the gems that are to be purchased by the Bank under section 14 ; | | |
| | (ii) value the gems and jewellery that are offered as security in respect of any loan or other accommodation to be obtained from the Bank, | | |
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| (3) A member of the panel of valuers shall, unless he dies or is removed from, or resigns from the panel, earlier, remain as a member of the panel for a period of three years from the date of his appointment. |
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| (4) Rules may be made by the Board governing
| | (a) the appointment of members, the resignation and removal of members from the panel of valuers and the remuneration payable to such members ; | | |
| | (b) the submission of the valuation reports to the Board. | | |
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Sri Lanka Consolidated Acts