Skip to content
srilawsby aturio
As enacted
Contents

Part XIX · Repeals and Savings

126. Continuation of terms of office

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Governor of the Central Bank appointed under the provisions of the Monetary Law Act (Chapter 422)

and holding office on the day immediately prior to the appointed date shall be deemed to be and continue to be the

Governor of the Central Bank under this Act, and shall continue to serve in such office until the expiration of the term of his office.

(2)

The members of the Monetary Board appointed under the provisions of the Monetary Law Act (Chapter 422), except the Secretary to the Treasury appointed under that Act and holding office on the day immediately prior to the appointed date shall be deemed to be the members of the Governing

Board under this Act, and shall continue to be members of the Governing Board under this Act until the expiration of the term of their respective offices.

(3)

The persons who continue to be the Governor of the

Central Bank or the members of the Governing Board in terms of the provisions of subsections (1) and (2) shall be eligible for reappointment to any office under this Act:

Provided however, any such person shall not serve for a term exceeding twelve years including the period such person served as the Governor of the Central Bank or an appointed member, under the provisions of the Monetary

Law Act (Chapter 422).

Read on from s 127