Sri Lanka Consolidated Acts

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State Mortgage And Investment Bank Law (No. 13 of 1975) - Sect 13

Vacancies on the Board

13.
(1) When a director ceases to hold office by reason of the expiry of the period for which he was appointed, the Minister shall make a new appointment. The retiring director shall be eligible for reappointment if not otherwise disqualified.
(2) If a director ceases to hold office before the expiry of the period for which he was appointed, the Minister shall make a new appointment for the remainder of the period for which such director would have held office.
(3) Where a director is granted leave of absence the Minister may make a new appointment for the period for which such director is granted leave.


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