As enacted

Contents

Microfinance and Credit Regulatory Authority Act 2026 · As enacted · Part II · Administation and Management of the Affairs of the Authority

10. Quorum and meetings of the Board

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

(1)

The meetings of the Board shall be held at least once in three months and the Chairperson may however call a special meeting if a need arises to discuss any matter of importance.

(2)

The quorum for a meeting of the Board shall be five members.

(3)

The Chairperson and the Deputy Governor of the

Central Bank shall be present at every meeting of the Board and the Chairperson shall preside at every such meeting.

(4)

A meeting of the Board may be held either –

(a)

by the number of members who constitute a quorum being assembled at a place, date and time appointed for the meeting; or

(b)

by means of audio-visual communication by which all members participating and constituting a quorum can simultaneously see and hear each participating member for the duration of the meeting.

(5)

The Board may invite any expert on a relevant subject matter or an official to attend the meetings of the Board for the purpose of obtaining their views for the effective discharge of the functions of the Board, but such person or official shall not have the right to vote at such meeting.

(6)

All questions for decision at any meeting of the Board shall be decided by the vote of the majority of members present at such meeting. In the case of an equality of votes, the Chairperson shall, in addition to his vote have a casting vote.

(7)

Subject to the preceding provisions of this section, the

Board may regulate the procedure in relation to the meetings of the Board and the transaction of business at such meetings.

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Part III

Director-General and The staff of the Authority

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Part IV

Moneylenders

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Part V

Microfinance Business

Read on from Part V

Part VI

Regulation of Moneylenders and microfinance institutions

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Part VII

Examination of A Licencee

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Part VIII

Customer Protection

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Part IX

Investigation of Offences

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Part X

Offences and Penalties

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Part XI

Finance

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Part XII

General

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Part XIII

Transitional Provisions

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