8.
| (1) The Board shall consist of -
| | (a) three Directors appointed by the Monetary Board with the concurrence of the Minister ; | | |
| | (b) two Directors appointed or elected as provided in subsection (3). | | |
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| (2) The Monetary Board shall, with the concurrence of the Minister, appoint a Chairman from among the Directors appointed under paragraph (a) of subsection (1) of this section. ' |
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| (3) The Monetary Board shall, with the concurrence of the Minister, appoint the two Directors referred to in paragraph (b)of subsection (1) to hold office in the first instance for a period of two years or until the transfer of shares of the Bank as provided in section 20, whichever is later and thereafter the general body of the Bank shall elect two Directors to represent the shareholders other than the Central Bank from among persons having such qualifications and in accordance with such procedure as may be determined by the Monetary Board. |
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| (4) Subject to the provisions of subsection (5), the term of office of a Director other than the Directors appointed in the first instance under subsection (3) shall be five years. |
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| (5) Where any Director vacates his office prior to the expiration of his term of office, the Monetary Board shall with the concurrence of ins Minister or the general body of the Bank, as the case may be, appoint or elect a successor to hold office, for the unexpired portion of the term of office of such Director. |
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| (6) The Monetary Board may with the concurrence of the Minister remove from office any Director appointed by such Board. |
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| (7) A Director vacating his office by effluxion of time may be re-appointed or re-elected. |
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| (8) A Director elected by the general body of the Bank under subsection (3) 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 voting 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) Any Director may resign his office by letter addressed to the Monetary Board. |
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| (10) Where any Director is by reason of illness or other infirmity or absence from Sri Lanka, temporarily unable to perform the duties of his office, the Monetary Board may, with the concurrence of the Minister, or the general body of the Bank, as the case may be, appoint or elect 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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Sri Lanka Consolidated Acts