Notional Savings Bank (Amendment) Act (No. 28 of 1995)

Sri Lanka Consolidated Acts

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Notional Savings Bank (Amendment) Act (No. 28 of 1995) - Sect 6

Replacement of section 8 of the principal enactment

6. Section 8 of the principal enactment is hereby repealed and the following section is substituted therefor:-

(1) The Board shall consist of seven directors of whom-

(a) five shall be appointed by the Minister(hereinafter referred to as the " appointed directors ") from among persons whom he considers to be capable of directing the affairs of the Bank efficiently and effectively in such a manner as will enable the Bank to achieve its object, and each of whom-

(b) one shall be the Secretary to the Treasury or his nominee; and

	(2) An appointed director shall unless he vacates office earlier by death, resignations or removal hold office for a term of three years.

	(3) The Minister may, for cause assigned, remove an appointed director from office where he is satisfied that the continuance of that director in office is detrimental to the interest of the Bank.

	(4) An appointed director may at any time resign his office by a letter addressed to the Minister and such resignation shall take effect upon it being accepted by the Minister in writing.

	(5) An appointed director vacating office by resignation or effluxion of time shall be eligible for reappointment,

	(6) If an appointed director vacates his office otherwise than by expiration of his term of office, a director may be appointed in his place by the Minister, and such second- mentioned director shall hold office during the unexpired part of the term of office of the director so vacating office.

	(7) If an appointed director Is temporarily unable to discharge the duties of his office on account of ill health or absence from Sri Lanka, the Minister, may appoint another eligible person to act for him.'.

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