Sri Lanka Consolidated Acts

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National Savings Bank Act (No. 30 of 1971) - Sect 8

Board of Directors of the Bank

8.
(1) The Board shall consist of-
(a) the Deputy Secretary to the Treasury or, if he is unable to attend any meeting of the Board, any other officer authorized by him to be present on his behalf at that meeting;
(b) the Postmaster-General or, if he is unable to attend any meeting of the Board, any other officer authorized by him to be present on his behalf at that meeting;
(c) an officer dealing with the subject of planning appointed by the Minister for the time being in charge of that subject; and
(d) four members appointed by the Minister.
(2) Before appointing a person to be a director under paragraph (d) of sub-section (1), the Minister shall satisfy himself that such person will have no such financial or other interest as is likely to affect prejudicially the discharge by such person of his functions as a director and the Minister shall also satisfy himself, from time to time, with respect to every director appointed by him that such director has no such interest.
(3) An appointed director shall hold office for three years unless he earlier resigns or is removed from office.
(4) The Minister, or the Minister for the time being in charge of the subject of planning, may, without assigning reason, remove any director appointed by him. The removal of any such director from office by the Minister, or the Minister for the time being in charge of the subject of planning shall not be called in question in any court.
(5) An appointed director may resign his office by letter addressed to the Minister, or the Minister for the time being in charge of the subject of planning, as the case may be.
(6) A director vacating his office by resignation or efflux ion of time shall be eligible for reappointment.
(7) If an appointed director vacates his office other wise than by expiration, of his term of office, a director may be appointed in his place by the Minister, or the Minister for the time being in charge of the subject of planning, as the case may be, and such second- mentioned director shall hold office during the unexpired part of the term of office of the director so vacating office.
(8) If an appointed director is temporarily unable to discharge the duties of his office on account of ill health or absence from Ceylon, the Minister, or the Minister for the time being in charge of the subject of planning, as the case may be, may appoint another eligible person to act for him.


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