8.
| (1) The Minister shall nominate as directors of the Board:-
| | (a) an officer of the Central Bank on the recommendation of the Monetary Board, where the Central Bank holds not less than eight per centum of the issued share capital of the Bank : | | |
| | (b) an officer of the Bank of Ceylon on the recommendation of the Board of Directors of such Bank, where the Bank of Ceylon holds not less than eight per centum of the issued share capital of the bank; | | |
| | (c) an officer of the People's Bank on the recommendation of the Board of Directors of such Bank, where the People's Bank holds not less than eight per centum of the issued share capital of the Bank; | | |
| | (d) an officer of the National Savings Bank on the recommendation of the Board of Directors of such Bank, where the National Savings Bank holds not less than eight per centum of the issued share capital of the Bank ; | | |
| | (e) an officer of the Central Bank to represent the Employees Provident Fund, on the recommendation of the Monetary Board, where such Fund holds not less than eight per centum of the issued share capital of the Bank ; and | | |
| | (f) a person who has distinguished himself in the field of business, commerce, agriculture, industry or finance and who has an abiding interest in the development of the region within which the Bank operates. | | |
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| (2) A nominated director shall hold office for a term of four years: |
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| (3) The Minister may without assigning any reason therefor remove a nominated director from office. |
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| (4) A nominated director may resign from his office by a letter in that behalf addressed to the Minister. |
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| (5) Where a nominated director is temporarily unable to perform the duties of his office by reason of ill-health or other infirmity or absence from Sri Lanka, the Minister may in consultation with the Board of Directors of the institution which such director represents or the Monetary Board, as the case may be, nominate another person to act as his alternate at Board meetings and the person so nominated shall have a right to vote at such meetings. |
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| (6) In the event of the vacation of office by death, resignation or removal of a nominated director, otherwise than by resignation or removal under the proviso to subsection (2), the Minister shall nominate in accordance with the provisions of subsection (1) another person to represent the institution which such person vacating office had represented. The person so nominated shall hold office for the unexpired part of the term of office of the nominated director whom he succeeds. |
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Sri Lanka Consolidated Acts