Skip to content
srilawsby aturio
As enacted
Contents

Part III · Director-General and The staff of the Authority

17. Director-General of the Authority

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

(1)

The Authority shall, with the concurrence of the

Minister, appoint a Director-General of the Authority, who shall be the Chief Executive Officer and Secretary to the

Authority.

(2)

The Director-General shall, subject to the general directions of the Authority on matters of policy and strategy, be charged with the direction of the business of the Authority, the organization and execution of the powers, duties and functions of the Authority and the administrative control of the employees of the Authority.

(3)

The Director-General may, with the approval in writing of the Authority, delegate in writing to any other employee of the Authority such of his powers, duties and functions as he may from time to time consider necessary and the Director-General shall remain and continue to remain to be responsible for any act or thing done or omitted to be done by such employee in the exercise, performance and discharge of such powers, duties and functions delegated to him and any employee to whom any such powers, duties or functions are so delegated shall exercise, perform and discharge them subject to the general or special direction of the Director-General.

(4)

A person shall be disqualified from being appointed or continuing as the Director-General of the Authority, if he –

(a)

is or becomes a Member of Parliament or of any Provincial Council or of any local authority or has been a Member of Parliament or of any

Provincial Council or of any local authority during the two years immediately preceding the date of appointment;

(b)

is not or ceases to be a citizen of Sri Lanka;

(c)

is found or declared to be of unsound mind under any law in force in Sri Lanka or any other country;

(d)

is a person who, having been declared insolvent or bankrupt under any law in force in Sri Lanka or in any other country and is an undischarged insolvent or bankrupt;

(e)

is serving or has served a sentence of imprisonment or a suspended sentence imposed by any court in Sri Lanka or in any other country;

(f)

holds or enjoys directly or indirectly any right or benefit under any contract made by or on behalf of the Authority; or

(g)

has any financial or other interest as is likely to affect prejudicially the discharge by him of his functions as a member of the Authority.

(5)

The Authority may with the concurrence of the

Minister remove the Director-General from office if such person –

(a)

becomes permanently incapable of performing his duties;

(b)

had done any act which in the opinion of the

Authority is of a fraudulent or illegal character or is prejudicial to the interests of the Authority;

or

(c)

has failed to comply with any direction issued by the Authority.

(6)

The Director-General shall be paid such remuneration as may be determined by the Authority.

Read on from s 18

Part IV

Moneylenders

Read on from Part IV

Part V

Microfinance Business

Read on from Part V

Part VI

Regulation of Moneylenders and microfinance institutions

Read on from Part VI

Part VII

Examination of A Licencee

Read on from Part VII

Part VIII

Customer Protection

Read on from Part VIII

Part IX

Investigation of Offences

Read on from Part IX

Part X

Offences and Penalties

Read on from Part X

Part XI

Finance

Read on from Part XI

Part XII

General

Read on from Part XII

Part XIII

Transitional Provisions

Read on from Part XIII

Schedules