44.
| (1) No person shall be appointed as Manager, Secretary or other official of a licensed commercial bank and any person appointed as Manager, Secretary or other official of such bank shall be removed from office if he
| | (a) is a person, who, having been declared insolvent or a bankrupt under any law in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; | | |
| | (b) is serving or has served a sentence of imprisonment imposed by any court in Sri Lanka or by any other country; or | | |
| | (c) has been convicted of any act which is of a fraudulent or illegal character. | | |
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| (2) No person who has been a director or has been a chief executive officer of a licensed commercial bank which has been wound up by an Order of court shall, without the written approval of the Monetary Board, act as a director or chief executive officer of a licensed commercial bank. |
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| (3) No licensed commercial bank shall employ or be managed by a managing agent other than an employee of such licensed commercial bank. |
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Sri Lanka Consolidated Acts