11. The office of directors shall be vacated if a director-
| (a) accepts or holds any office or place of profit under the Corporation; |
|
| (b) becomes bankrupt or is adjudicated insolvent or compounds with his creditors; |
|
| (c) becomes of unsound mind or is adjudged to be of unsound mind; |
|
| (d) is absent from meetings of the board for more than three consecutive months without the leave of the board; |
|
| (e) except in the case of a nominated director, ceases to hold the number of shares required to qualify him to the office; |
|
| (f) being a Senator or Member of Parliament at the time of his election or nomination as director, fails to resign therefrom within one month of such election or nomination; |
|
| (g) becomes a Senator or Member of Parliament; |
|
| (h) except in the case of a nominated director, becomes a whole-time salaried officer of the Government; |
|
| (i) by a notice in writing to the Corporation resigns his office. |
|
|
Sri Lanka Consolidated Acts