12.
| (1) The Board shall consist of the following members:-
| | (a) three members (hereinafter referred to as " ex-officio member ") who shall be the persons holding office as-
| | | (i) the Registrar of Companies ; |
| (ii) the Commissioner-General of Inland Revenue ; and |
| (iii) the Director-General of the Securities and Exchange Commission of Sri Lanka; |
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| | (b) ten members appointed by the Minister (hereinafter referred to as " appointed members'') and consisting of-
| | | (i) an officer of the Central Bank nominated by the Governor of the Central Bank ; |
| (ii) three members of the Institute selected from among persons nominated by the Institute; |
| (iii) a member of the Chartered Institute of Management Accountants of the United Kingdom selected from among three members nominated by the Sri Lanka Division of the Institute ; |
| (iv) one senior lawyer selected from among three senior lawyers nominated by the Bar Association of Sri Lanka ; |
| (v) two company directors or other persons with extensive managerial experience at senior level in a specified business enterprise one of whom shall be selected from a panel three name submitted by the Ceylon Chamber of commerce, and the other from a panel of three names submitted by the Federation of Chamber of Commerce and Industry of Sri Lanka; |
| (vi) one senior banker selected from a panel of three bankers nominated by the Sri Lanka Banks' Association; and |
| (vii) one person selected from a panel of three persons nominated by the University Grants Commission established by the Universities Act, No. 16 of 1978, to represent the Departments Faculties and Postgraduate Institutes of Accounts or Business Management or Business Administration in Universities coming within its purview. |
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| (2) The Minister shall appoint one of the appointed members of the Board to be the Chairman of the Board. |
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Sri Lanka Consolidated Acts