8.
| (1) The Board shall consist of the following directors:-
| | (a) the Commissioner of Co-operative Development who shall be the ex officio director; | | |
| | (b) two directors appointed by the Minister; | | |
| | (c) one director appointed by the Minister for the time being in charge of the subject of rural development; | | |
| | (d) one director appointed by the Minister of Finance; and | | |
| | (e) three directors appointed or elected as provided in subsection (2). | | |
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| (2) The Minister shall appoint the three directors referred to in paragraph (e) of subsection (1) to hold office in the first instance, and if, for any reason any director so appointed vacates his office prior to the expiration of his term, the Minister shall appoint a successor to serve for the unexpired portion of such term; and thereafter such directors shall be elected by the general body of the Bank from persons possessing such qualifications, in accordance with such procedure, as may be prescribed |
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| (3) Subject to the provisions of subsection (4), the term of office of a director, other than the ex officio director or a director appointed under paragraph (e) of subsection (1), shall be three years and the term of office of a director appointed under the aforesaid paragraph (e) of subsection (1) shall be two years. |
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| (4) If any director, other than the ex officio director, vacates his office prior to the expiration of his term of office, his successor shall, unless such successor vacates his office earlier, hold office for the unexpired portion of such term. |
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| (5) A director vacating his office by effluxion of time shall be eligible for reappointment or re-election. |
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| (6) A person shall be disqualified for being appoint ed or elected as a director or for continuing as a director if he-
| | (a) is a Senator or a Member of Parliament, or | | |
| | (b) is, under any law in force in Ceylon, found or declared to be of unsound mind, or | | |
| | (c) is a person who, having been declared an insolvent or a bankrupt under any law in force in Ceylon or in any other country, is an undercharged insolvent or bankrupt, or | | |
| | (d) is convicted of an offence involving moral turpitude and punishable with imprisonment for a term not less than six months, or | | |
| | (e) is a director or an employee of a commercial bank other than the Bank. | | |
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| (7) The Minister appointing a director may, by an instrument signed by him, remove from office such director. |
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| (8) A director elected under paragraph (e) of sub-section (1) shall vacate his office if a motion of no confidence is passed at a meeting of the general body of the Bank by a majority of the members present and entitled to vote on such motion and his successor shall be elected for the unexpired portion of the term of office of such director. |
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| (9) A director, other than the ex officio director, may resign from the Board by letter addressed to the Minister. |
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| (10) All or any of the directors, other than the ex officio director, may be paid such remuneration as may be determined by the Minister with the concurrence of the Minister of Finance. |
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| (11) The quorum for any meeting of the Board shall be five. |
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| (12) Subject to the provisions of subsection (11) and any regulations that may be made under this Act, the Board may regulate its own procedure. |
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| (13) No act or proceeding of the Board shall be invalid by reason only of the existence of any vacancy among the directors or any defect in the appointment or election of a director. |
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Sri Lanka Consolidated Acts