2.
| (1) There shall be established a Corporation which shall be called the Insurance Corporation of Ceylon (hereinafter referred to as the "Corporation "). The Corporation shall consist of five members appointed by the Minister, one of whom shall be designated Chairman of the Corporation. |
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| (2) A person shall be disqualified for being appointed or being a member of the Corporation if he is a Senator or a Member of Parliament. |
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| (3) A member of the Corporation who is in any way directly or indirectly interested in a contract made or proposed to be made by the Corporation shall disclose the nature of his interests at a meeting of the Corporation and such disclosure shall be recorded in the minutes of the Corporation and the member shall not take part in any deliberation or decision of the Corporation with respect to that contract. |
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| (4) Every member of the Corporation shall, subject to the provisions of subsections (5) and (6), hold office for a period of five years from the date of his appointment. |
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| (5) A member of the Corporation may resign from the Corporation by letter addressed to the Minister. |
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| (6) Any member of the Corporation may be removed from office by the Minister if such member is absent from meetings of the Corporation for a period exceeding three months for any cause which does not appear to the Minister to be reasonable, or if the Minister considers that it is expedient to remove such person from office. |
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| (7) Where any member of the Corporation resigns or is removed from office or dies, the Minister may appoint another person to be a member in place of the member who resigns or is removed from office or dies, and the person so appointed shall hold office during the unexpired period of the term of office of the member last mentioned. |
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| (8) Where any member of the Corporation becomes, by reason of illness or other infirmity or absence from Ceylon, temporarily unable to perform the duties of his office, the Minister may appoint another person to act in the place of such member. |
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| (10) No act or proceeding of the Corporation shall be invalid by reason only of the existence of any vacancy among its members or any defect in the appointment of a member thereof. |
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| (11) The quorum for any meeting of the Corporation shall be three members of the Corporation, and, subject as aforesaid, the Corporation may regulate its own procedure. |
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Sri Lanka Consolidated Acts