3.
| (1) The administration, management and control of the Fund shall be vested in a Board of Trustees constituted as hereinafter provided. |
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| (2) The Board of Trustees of the Fund (hereinafter referred to as "the Board") shall consist of the following members:
| | | (b) the persons for the time being holding office as-
| | | (i) the Chief Justice of the Supreme Court; |
| (ii) the Secretary to the Ministry of the Minister in charge of the subject of Higher Education; |
| (iii) the Secretary to the Ministry of the Minister in charge of the subject of Education; and |
| (iv) the Secretary to the Ministry of the Minister in charge of the subject of Trade; and |
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| | (c) two persons appointed by the founder (here in after referred to as, appointed members ), for a period of five years: | | |
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| (3) The members present at the first meeting of the Board shall elect one from their number to be the Chairman of the Board. |
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| (4) An appointed member of the Board may at any time resign his office by written communication addressed to the Chairman. |
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| (5) A person shall be disqualified from being appointed or continuing in office as a member of the Board if he is-
| | (a) a person who, having been declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or | | |
| | (b) convicted of an offence involving moral turpitude and punishable with imprisonment for a term not less than six months; or | | |
| | (c) under any law in force in Sri Lanka, found or declared to be of unsound mind or mentally deficient. | | |
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| (6) Where an appointed member of the Board vacates his office by death, resignation or otherwise before the expiry of his term of office, his successor shall hold office for the unexpired portion of the term of office of his predecessor. |
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| (7) The Chairman of the Board shall preside at all meetings of the Board. In the absence of the Chairman from any meeting, the members present at such meeting shall elect from among themselves a Chairman for that meeting. |
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| (8) In the event of any difference of opinion between the members of the Board, the decision of the majority shall be binding and effectual. |
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| (9) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy amongst its members. |
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| (10) The quorum for any meeting of the Board shall be four members. |
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| (11) Subject to the provisions of subsection (10), he Board may make rules to regulate the procedure in regard to its meetings and the transaction of business at such meetings. |
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Sri Lanka Consolidated Acts