4.
| (1) The affairs of the Trust shall, subject to this Act and the rules made thereunder, be administered by a Board of Trustees composed of at least seven members and constituted as hereinafter provided. |
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| (2) The first Board of Trustees for the purposes of this Act shall be the Board of Trustees, comprising the Trustees who were parties to the Deed of Trust afore-mentioned and three other persons elected by them, holding office at the time of the coming into operation of this Act. |
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| (3) The Chairman of the Board of Trustees shall be elected by a simple majority of those present and voting. |
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| (4) The Board of Trustees shall elect from themselves a Secretary to the Board. It shall be the duty of the Secretary to send but notice of meetings, maintain a Minute Book in which he shall record all proceedings of meetings of the Board and discharge the functions and perform the duties as are delegated to him by the Board from time to time. |
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| (5) The office of a Trustee shall be deemed to be vacant if the Trustee
| | (a) dies or becomes incapacitated ; or | | |
| | (b) having been declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or. | | |
| | (c) is convicted of an offence involving moral turpitude; or | | |
| | (d) neglects to Act as a Trustee. | | |
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| (6) Vacancies in the Board of Trustees shall be filled by appointment by the remaining Trustees as and when vacancies occur. |
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| (7) The Board of Trustees shall meet at least once in every three months. |
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| (8) the Chairman of the Board of Trustees shall, if present, preside at meetings of the Board. In the absence of the Chairman at any meeting, such member of the Board as may be elected for the purpose by the members present at the meeting shall preside. |
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| (9) The quorum for meetings of the Board of Trustees shall be three members. |
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| (10) No act or proceeding of the Board of Trustees shall be invalid by reason only of any vacancy in the membership of the Board. |
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| (11) Except where otherwise provided for, every decision of the Board shall be taken by a majority vote of the members present and voting, provided that in the event of an equality of votes, the Chairman or the member presiding shall have a casting vote in addition to his original vote. |
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| (12) The Trustees shall not be entitled to receive any remuneration by way Of salary, allowance or honorarium, but may be reimbursed for actual out of pocket expenses incurred by them in the performance of their duties. |
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Sri Lanka Consolidated Acts