Sri Lanka Consolidated Acts

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Notional Savings Bank (Amendment) Act (No. 28 of 1995) - Sect 8

Replacement of section 11 of the principal enactment

8. Section 11 of the principal enactment is hereby repealed and the following section is substituted therefor:-
11.
(1) The Minister shall nominate one of the directors of the Board to be its Chairman.
(2) The Chairman if present shall preside at meetings of the Board. If a Chairman has not been appointed or is not present at the time fixed for holding of a meeting of the Board, the directors present shall choose one of their number to preside at such meeting.
(3) Where the Minister is satisfied that the continuance of the Chairman in offices detrimental to the interests of the Bank, he may remove the Chairman from office,
(4) The Chairman may at any time resign from the office of the Chairman by letter addressed to the Minister. Such resignation shall take effect upon it being accepted by the Minister.
(5) Subject to the provisions of subsections (3) and (4), the term of office of the Chairman shall be his period of membership of the Board.".

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