5.
| (1) The affairs of a Credit Council shall be administered by a Committee of Management consisting of a Chair man, and Secretary nominated by the Director and one elected representative for every fifty members or part thereof so however that the total number of elected representatives shall not exceed twenty-one: |
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| (2) The members of the Committee of Management of a Credit Council shall, subject to the provisions of subsection (3), hold office for a period of three years. |
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| (3) The Minister may, if he considers it expedient to do so, remove from office any member of the Committee of Management of a Credit Council for reasons of mismanagement, fraud ox negligence in the carrying out of his duties. Such removal shall not be called in question in any court. |
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| (4)
| | (a) The Minister may, if he considers it expedient to do so, by Order published in the Gazette, dissolve the Committee of Management of a Credit Council with effect from such date as may be specified therein, for reasons of mismanagement, fraud or negligence in the carrying out of its duties or for any administrative purposes to be specified in the Order. No such Order made by the Minister shall be called in question in any court. | | |
| | (b) Where any Order is made under paragraph (a) the Director shall determine the period within which the election of a new Committee of Management shall take place. | | |
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| (5) Any vacancy which may occur during the term of office of a Committee of Management may be filled, by nomination made by the Director. The number of members nominated shall, at no time exceed one-half of the total number of members of such Committee. A member nominated to such Committee shall hold office for the unexpired part of the term of office of such Committee. |
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Sri Lanka Consolidated Acts