5.
| (1) The Management, control and administration of the affairs of the Corporation shall, be vested in an Executive Council (hereinafter referred to as the "Council" consisting of the President. Vice President. Secretary. Treasurer and seven other members of whom"
| | (a) three members shall be appointed by the Minister of Finance ; and | | |
| | (b) four members elected by the members of the Corporation : | | |
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| (2) The first Council of the Corporation shall be the Council holding office on the day immediatey preceding the date of commencement of this Act. |
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| (3) The first council shall hold office for a period of five soars from the date of commencement of this Act. At the expiry of the period of five sears the Council shall be elected in accordance with the rules. |
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| (4) The election under subsection (1) shall be conducted in accordance with such rules made under this Act. |
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Sri Lanka Consolidated Acts