26.
| (1) The Minister shall appoint the members of the Board of Directors (hereinafter in this Part referred to as the " Board ") of the Institution, of whom one member shall be the Director-General and shall nominate one of the members to be the Chairman of the Board. |
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| (2) A member of the Board shall hold office for a period of three years unless he vacates office earlier. |
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| (3) The Minister may, if he thinks it expedient to do so, remove any member of the Board for reasons assigned. |
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| (4) A member may resign his office by written communication addressed to the Minister. |
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| (5) In the event of a vacation of office by a member by death, resignation or removal from office, the Minister may appoint another person to take his place. Any person so appointed shall hold office for the unexpired part of the term of office of the member whom he succeeds. |
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| (6) Where a member is temporarily unable to perform the duties of his office on account of ill-health, absence from Sri Lanka or for any other cause, the Minister may appoint another person to act in place of such member. |
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| (7) The members of the Board shall be remunerated on such terms and conditions as are determined by the Minister with the concurrence of the Minister in charge of the subject of Finance. |
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| (8) If the Chairman is temporarily unable to discharge the duties of his office on account of ill-health, absence from Sri Lanka or any other cause, the Minister may appoint another member of the Board to act as Chairman. |
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| (9) Subject to the provisions of this Act and the Incorporation Order, the Board may make rules 10 regulate the conduct of its meetings and the transaction of business at such meetings. |
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| (10) A member who is interested in any contract pro posed to be made by the Institution shall disclose the nature of his interest at a meeting of the Board. The disclosure shall be recorded in the minutes of such meeting and such member shall not take part in any deliberation or decision of such Board with respect to such contract. |
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| (11) No act or decision of the Board shall be invalidated by reason only of the existence of a vacancy among its members or any defect on the appointment of any member. |
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Sri Lanka Consolidated Acts