4.
| (1)The management control and the administration of the affairs of the Corporation shall be vested in a Board of Management (hereinafter referred to as "the Board") comprising of not less than ten persons elected in accordance with the rules of the Corporation. The Corporation shall maintain a list of' names of persons not exceeding six in number, who shall succeed the Executive President and Director-General of the Corporation. The first such list shall consist of the persons whose names are specified in the Third Schedule hereto and, if the office of the Executive President and Director-General falls vacant, his successor shall be appointed from the aforesaid list by the Corporation in the order in which the names are given therein. |
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| (2) The first Board shall consist of the members of the Board of Management of the Foundation holding office on the day immediately preceding the date of commencement of this Act, and whose names are specified in the Second Schedule to this Act. The first Board shall hold office until the holding of the first general meeting of the Corporation. |
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| (3) Notwithstanding anything to the contrary in sub section (1) of this section Mr. S. S. Wijesinghe of Alfred House Road, Colombo 3, shall be the first Executive President and Director-General of the Corporation and shall, unless he resigns or vacate his office earlier, be the Executive President and Director-General for life. Each of the successive Executive President and Director-Generals appointed after him from among the persons whose names appear in the first list specified in the Third Schedule hereto shall also hold office for life unless resigns or vacates his office earlier. The term of office of any Executive President and Director-General not being a person whose names appears in the first list referred to above shall be determined by the Corporation. |
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Sri Lanka Consolidated Acts