Divineguma Act 2013 · As enacted · Part VII · Divineguma Community Based Banking Societies
33. Board of Management of divineguma community based banks and divineguma community based banking societies
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
The Minister shall appoint for the purpose of the supervision and regulation of the financial activities of the divineguma community based banks and divineguma community based banking societies, a Board of
Management of the Divineguma Community Based Banks and Divineguma Community Based Banking Societies (in this Act referred to as the "Board of management").
The Board of Management shall consist of :–
the following ex-officio members namely:-
the Director-General of the Department who shall be the Chairman;
a representative of the Secretary to the
Ministry of the Minister to whom the subject of Finance is assigned;
the Director in charge of the banking affairs of the Department;
a representative to be appointed by the
Governor of the Central Bank of Sri Lanka;
the Secretary to the Ministry of the Minister or his representative; and
three persons to be appointed by the Minister
(hereinafter referred to as the "appointed members").
The term of office of every appointed member shall be three years.
An appointed member may resign his office by letter addressed to the Minister and such resignation shall be effective from the date on which it is accepted by the Minister.
The Minister may for reasons assigned therefor remove an appointed member from office.
In the event of a vacancy occurring due to the death, resignation, incapacity or removal from office of an appointed member, the Minister shall, having regard to the provisons of sub section (1), appoint another member in his place.
A member appointed under subsection (6) shall hold office for the unexpired part of the term of office of the member whom he succeeds.
The appointed members may be paid such remuneration as the Minister, in consultation with the
Minister to whom the subject of Finance is assigned, shall determine.
The Board of Management shall, for the purpose of supervision and regulation of financial activities of such banks and banking societies have the power to issue directions from time to time, to such banks and banking societies.
The Board of Management shall, in the discharge of its duties, be subject to such regulations as may be prescribed by the Minister.
Part VIII
Funds of the Department
Part IX
General
Part X