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Part II · Governing Board, Monetary Policy Board, Governor and Deputy Governors

19. Disqualifications and removal from office

Official English translation. The Sinhala text prevails.

(1)

Any person appointed under subsection (4) of section 15 may be removed by the president, on the recommendation of the Minister and subject to the approval of the Constitutional Council following a hearing of the relevant appointed person that such person–

(a)

is unable to exercise, perform and discharge the powers, duties and functions of such office because of an infirmity of body or mind that has lasted for more than a period of three months;

(b)

has not complied with the relevant code of conduct of the Central Bank;

(c)

has failed to exercise, perform and discharge the powers, duties and functions of such office for a consecutive period of more than three months without the approval of the Governing Board; or

(d)

is disqualified in terms of the provisions of subsection (2) of section 17.

(2)

Upon the receipt of the approval of the

Constitutional Council, the President shall, in writing, remove any person appointed under subsection (4) of section 15, and shall state in the letter of removal-

(a)

the date on which the removal shall take effect which shall not be a date earlier than the date on which the letter of removal is received; and

(b)

the reasons for the removal.

(3)

Any person appointed under subsection (4) of section 15 may be suspended from the office by the President prior to the commencement of the hearing or during the course of the hearing under subsection (1).

(4)

Any person appointed under subsection (8) of section 15 may be removed from office by the Minister on the advice of the Governing Board, in the event the Minister is satisfied following a hearing of the relevant person that such person–

(a)

is unable to exercise, perform and discharge the powers, duties and functions of such office because of an infirmity of body or mind that has lasted for more than a period of three months;

(b)

has not complied with the relevant code of conduct of the Central Bank;

(c)

has failed to exercise, perform and discharge the powers, duties and functions of such office for a consecutive period of more than three months without the approval of the Governing Board; or

(d)

is disqualified in terms of the provisions of subsection (2) of section 17.

(5)

No person appointed pursuant to subsections (4)

and (8) of section 15 shall be removed from office on any ground other than the grounds specified in subsection (1) or (4).

(6)

Any person appointed under subsection (7) of section 15 may be suspended from the office by the Minister, on the advice of the Governing Board, prior to the commencement of the hearing or during the course of the hearing under subsection (4).

Read on from s 20

Part III

Employees of the Central Bank

Read on from Part III

Part IV

Inflation Target

Read on from Part IV

Part V

Monetary and Other Operations

Read on from Part V

Part VI

Foreign Exchange Operations and International Reserves

Read on from Part VI

Part VII

Currency and Legal Tender

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Part VIII

Payment and Settlement Systems

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Part IX

Supervision and Resolution of Financial Institutions

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Part X

Macroprudential Authority

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Part XI

Financial System Oversight Committee

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Part XII

Information Exchange with Financial Sector Authorities

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Part XIII

Statistics and Information

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Part XIV

Relationship with the Parliament, the Government and the Public

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Part XV

Credit Operations

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Part XVI

Financial Provisions

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Part XVII

Internal and External Audits

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Part XVIII

General Provisions

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Part XIX

Repeals and Savings

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