12.
| (1) The Minister may, without assigning any reason, remove a director from office. |
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| (2) No person shall be appointed to the office of director who
| | (a) has been adjudicated an insolvent; or | | |
| | (b) is of unsound mind or has been convicted of an offence and sentenced to imprisonment without the option of a fine. | | |
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| (3) A person appointed to the office of director shall become disqualified to retain his office and shall ipso facto cease to be a director if-
| | (a) he is adjudicated an insolvent, or assigns his estate for the benefit of his creditors, or enters into a deed of arrangement with his creditors or makes an assignment of his remuneration for their benefit; or | | |
| | (b) he is of unsound mind or is convicted of an offence and sentenced to imprisonment without the option of a fine; or | | |
| | (c) he is absent without leave from the Minister from all the meetings of the Board during any three consecutive months : | | |
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| (4) No member of the National State Assembly shall be appointed to or retain the office of director. |
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Sri Lanka Consolidated Acts