3. Board of Management of the Fund
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The administration, management and control of the Fund shall be vested in a Board of Management
(hereinafter referred to as the “Board”).
The Board shall consist of-—
the following ex-officio members :-—
the Secretary to the Ministry of the Minister in charge of the subject of Defence, or his nominee ;
Gi) a Deputy Governor of the Central Bank of Sri
Lanka, nominated by the Governor of the
Central Bank;
(iit)
the President or a member of the Council of the Institute of Chartered Accountants nominated by the Institute of Chartered
Accountants of Sri Lanka established by the
Institute of Chartered Accountants of Sri
Lanka Act, No. 23 of 1959;
the Director or a member of the Faculty of the Postgraduate Institute of Management of the University of Sri Jayewardenepura, nominated by the Board of Management of the Postgraduate Institute of Management;
and
two members who shall be appointed by the
Minister in charge of the subject of Defence from among those who possess necessary qualifications, experience or expertise in the fields of Law and Finance (hereinafter referred to as “appointed members”).
The Secretary to the Ministry of the Minister in charge of the subject of Defence shall be the Chairman of the Board.
An appointed member of the Board may at any time resign his office by written communication addressed to the appointing authority with a copy to the Chairman of the Board.
A person shall be disqualified from being appointed.
of continuing in office, as a member of the Board, if such person—
is, or becomes, a member of Parliament or a
Provincial Council or a local authority; or
Api Wenuwen Api Fund Aet, No. 6 of 2008 3
isconvicted of an offence involving moral turpitude, punishable with imprisonment for a term not less than six months; or
is under any jaw in force in Sri Lanka or any other country found or declared to be of unsound mind;
or
is a person who, has been declared an undischarged insolvent or bankrupt under any law in force in Sri Lanka or any other country.
Any appointed member shall hold office for a period of three years from the date of appointment.
Where an appointed member of the Board vacates his office by death, resignation or otherwise before the expiry of his term of office, his successor shall hold office for the unexpired period of the term of office of his predecessor.
The Board shall appoint a person to be the Secretary to the Board.
The Chairman of the Board shall preside at all meetings of the Board. In the absence of the Chairman from any meeting, the Deputy Governor of the Central
Bank appointed under subparagraph (ii) of paragraph (a)
of subsection (2) of section 3 shall preside at that meeting.
In the absence of both the Chairman and the Deputy
Governor, any member «a! the Board, who is present at the meeting, shall be efected by the other members, as the
Chairman, for that meeting.
In the event of any difference of opinion between the members of the Board, the decision of the majority of the members present shall be binding and effectual.
In the event of an equality of votes of the members of the Board, the Chairman shal! have a casting vote.
No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy amongst its members.
The quorum for any meeting of the Board shall be four members.
Subject to the provisions of subsection (11), the
Board may make rules to regulate the procedure with regard to its meetings and the transaction of business at such meetings.