3.
| (1) The Corporation shall consist of-
| | (a) five members appointed by the Minister of Finance; | | |
| | (b) one member nominated by the Minister to whom the subject of trade is for the time being assigned from among the officers of his Ministry; and | | |
| | (c) one member nominated by the Minister to whom the subject of lands is for the time being assigned from among the officers of his Ministry. | | |
|
|
| (2) A person shall be disqualified for being appointed or continuing as a member of the Corporation-
| | (a) if he is a Senator or a Member of Parliament; or | | |
| | (b) if he, directly or indirectly, by himself or by any other person on his behalf or for his use or benefit, holds or enjoys any right or benefit under any contract made by or on behalf of the Corporation, except as a shareholder (other than a director) in any incorporated company; or | | |
| | (c) if he, directly or indirectly, by himself or by any other person on his behalf, has any interest or derives any benefit in or from any work being done for the Corporation, except as a shareholder (other than a director) in any incorporated company; or | | |
| | (d) if he, directly or indirectly, by himself or by any other person on his behalf, is engaged in the gem industry. | | |
|
|
| (3) Where a member of the Corporation is a share-holder (other than a director) in any incorporated company which has entered into any contract with, or is doing any work for, the Corporation, he shall disclose to the Minister of Finance the nature and extent of the shares held by him in such company. |
|
| (4) The appropriate Minister may, without assigning any reason, remove a member of the Corporation from office. Such removal shall be final and conclusive, and shall not be called in question in any court. |
|
| (5) A member of the Corporation who has been removed from office shall not be entitled to compensation for any loss or damage suffered by him, directly or indirectly, by reason of such removal. |
|
| (6) A member of the Corporation may at any time resign his office by letter addressed to the appropriate Minister. |
|
| (7) Where a member of the Corporation is temporarily unable to discharge or perform the functions or duties of his office by reason of illness or other infirmity or absence from Ceylon, or for any other cause, the appropriate Minister may appoint or nominate, as the case may be, some other person who is qualified to be a member of the Corporation to act in his place as such member. |
|
| (8) A member of the Corporation shall vacate his office by death, removal, resignation or effluxion of time. |
|
| (9) A member of the Corporation shall, unless he earlier vacates his office by death or removal or resignation, hold office for a period of five years:
|
|
| (10) No act or proceeding of the Corporation shall be invalid by reason only of the existence of a vacancy among its members, or any defect in the appointment or nomination of a member thereof. |
|
| (11) In this section, " appropriate Minister " in relation to a member of the Corporation, means the Minister by whom that member was appointed or nominated. |
|
|
Sri Lanka Consolidated Acts