8.
| (1)The Bank shall have a Board of Directors consisting of-
| | (a) the person holding office for the time being as the Secretary to the Ministry of the Minister in charge of the subject of Finance (in this Act referred to as " ex officio Director ") ; | | |
| | (b) a Deputy Governor of the Central Bank appointed by the Monetary Board, with the concurrence of the Minister; | | |
| | (c) a senior officer of the Bank of Ceylon appointed by its Board of Directors with the concurrence of the Minister ; | | |
| | (d) a senior officer of the People's Bank appointed by its Board of Directors with the concurrence of the Minister ; | | |
| | (e) two persons nominated by the Minister; | | |
| | (f) one other member elected by the shareholders (in this Act referred to as the " elected Director") other than the Government, Central Bank, Bank of Ceylon, People's Bank and participants, if any, provided their subscription to the share capital is not less than ten per centum of the total paid-up capital of the Bank : | | |
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| (2) In this Act, the persons appointed as Directors under paragraphs (b) to (d) (both inclusive) of subsection (1) are referred to as " appointed Directors " and the persons nominated as Directors under paragraph (e), and in the proviso to paragraph (f) of subsection (1) of this section as " nominated Directors ". |
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| (3) In the absence of the ex officio Director, the person. holding office for the time being as Deputy Secretary to the Treasury shall act as that member's alternate at Board meetings and have the right to vote thereat. |
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| (4) Where an appointed Director or a nominated Director is by reason of illness or other infirmity or absence from Sri Lanka, temporarily unable to perform the duties of his office, the appointing authority in the case of appointed Directors and the Minister in the case of nominated Directors may appoint or nominate a suitable person to act as his alternate at Board meetings and such person shall have the right to vote thereat. |
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| (5) The Minister may, without assigning any reasons, remove a nominated Director from office. Such removal shall not be called in question in any court. |
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| (6) A nominated Director may resign his office by letter addressed to the Minister. |
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| (7) Subject to the provisions of subsections (6) and (7), the term of office of a nominated Director shall be four years. |
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Sri Lanka Consolidated Acts