3.
| (1) The Board shall consist of four members appointed by the Minister, one of whom shall be a person nominated for the purpose by the Minister of Finance, such person being either the Permanent Secretary to the Ministry of Finance or any other officer of the General Treasury. |
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| (2) The Minister shall appoint one of the members of the Board to be the Chairman of the Board. [* Note.-This Chapter has been issued as a consolidated reprint under the Statutory Reprints Ordinance (Chapter 4) on September 7, 1966, and is reproduced in this Supplement as it supersedes Chapter 260 of the Revised Edition of the Legislative Enactments, 1956, and sets out the law in force on January 1, 1867. 19th December, 1949 Gazette No. 10,054 of 16th December, 1949. ] |
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| (3) A person shall be disqualified for appointment or for continuing, as a member of the Board-
| | (a) if he is a Senator or a Member of Parliament, or | | |
| | (b) if he has, directly or indirectly, any interest in a subsisting contract with, or in any work being done for, the Board except as a shareholder (other than a director) in an incorporated company. | | |
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| (4) Where a member of the Board is a shareholder (other than a director) in an incorporated company which has entered into any contract with, or is doing any work for, the Board, he shall disclose to the Minister the nature and extent of the shares held by him in such company. |
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| (5) The Minister may, if he thinks it expedient to do so, remove, by Order published in the Gazette, any member of the Board from office without reason stated. |
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| (6) A member of the Board in respect of whom an Order under subsection (5) is made by the Minister shall vacate his office on the date of the publication of such Order in the Gazette. |
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| (7) A member of the Board who has been removed from office shall not be eligible for reappointment as a member of the Board or to serve the Board in any other capacity. |
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| (8) A member of the Board may at any time resign his office by letter addressed to the Minister. |
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| (9) If the Chairman or any other member of the Board is temporarily unable to discharge the duties of his office on account of ill health or absence from Ceylon or for any other cause, the Minister may appoint some other person to act in his place as the Chairman or as a member. |
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| (10) Every member of the Board shall, unless he earlier vacates office by death, resignation or removal, hold office for a period of five years. Any member of the Board who vacates office by effluxion of time shall be eligible for reappointment. |
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| (11) No act or proceeding of the Board shall be invalid by reason only of the existence of any vacancy amongst its members or any defect in the appointment of a member thereof. |
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Sri Lanka Consolidated Acts