Housing Development Finance Corporation of Sri Lanka Act 1997 · As enacted · Part I · Establisiiment of Housiing Development Finance Corporation of Sri Lanka
4. Qualifications to be a director
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No person shall be qualificd to be elected as a director under subsection (4) of scction 3 unless—
Director
“ Director ” means a director of the Board; 26 Housing Development Finance Corporation of
{a) he has; or
he is the director or officcr of a body corporate which has,
Shares to the value of not less than five thousand rupees in.
the capital of the Corporation :
Provided however that the first directors clected under subsection (4) of section 3 shall not be required to have the qualification referred to in this subsection until two months have lapsed after the first issue of shares to the public.
A person shall be disqualified from being nominated, appointed or elected, as a director or continuing in office as a director if—
he is, or becomes a Member of Parliament, a member of a Provincial Council or a member of a local authority;
he is, or becomes, an officer or servant of the
Corporation;
he, being a person who has been declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt ;
he is found or declared to be, of unsound mind under any law in force in Sri Lanka or in any other country,
he has served, or is serving, a sentence of .
imprisonment, imposed by a Court in Sn Lanka or any other country.