Monetary Law (Amendment) (No. 32 of 2002)

Sri Lanka Consolidated Acts

Amendment of section 8 of the principal enactment

3. section 8 of the principal enactment is hereby amended as follows :-

(a) by the repeal of subsection (1) thereof, and substitution therefor, of the following subsection :-

	"(1) The Monetary Board of the Central Bank shall, in addition to determining the policies or measures authorised to be adopted or taken under this Act, be vested with the powers, duties and functions of the Central Bank under this Act., and be generally responsible for the management operations and administration of the Bank :

(b) by the insertion, immediately after subsection (1) of that section of the following new subsection :-

	"(1A) Where any power, duty or function is delegated by the Monetary Board under subsection (1) the person or the group of persons to whom such power, duty or function is delegated shall exercise perform or discharge such power duty or function, in accordance with such general or special directions or guidelines as may be issued by the Monetary Board,"; and

(c) by the repeal of paragraph (c) of subsection (2) of that section and substitution therefor of the following paragraph :-

	"(c) three members appointed by the president on the recommendation of the Minister of Finance, with the concurrence of the Constitutional Council,".