| 8.
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| (1) The Monetary Board of the Central Bank shall, in addition to determining the policies or measures authorized 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. | | |
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| (2) The Monetary Board shall consist of-
| | | (a) the Governor of the Central Bank who shall be the chairman of the board; |
| (b) the person holding office for the time being as Secretary to the Ministry in charge of the subject of Finance; |
| (c) the person holding office for the time being as Secretary to the Ministry in charge of the subject of Planning and Economic Affairs; |
| (d) a fourth member appointed by the President on the recommendation of the Prime Minister. |
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| (3) In the absence of the Governor from any meeting of the Monetary Board, the Deputy Governor designated as senior by the board shall act as his alternate and shall preside at the meeting and have the right to vote thereat. | | |
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| (4) In the absence of the member of the Monetary Board mentioned in paragraph (6) of subsection (2) from any meeting of the board, the person holding office for the time being as Deputy Secretary to the Treasury shall act as that member's alternate at the meeting and have the right to vote thereat. | | |
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| (5) In the absence of the member of the Monetary Board mentioned in paragraph (c) of subsection (2) from any meeting of the board the officer appointed to act for the Secretary to the Ministry in charge of the subject of Planning and Economic Affairs shall act as that member's alternate at that meeting and have the right to vote thereat, ". | | |
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Sri Lanka Consolidated Acts