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As enacted
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Part II · Administation and Management of the Affairs of the Authority

5. Constitution of the Board of Directors

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

(1)

The administration, management and control of the affairs of the Authority shall be vested in a Board of

Directors (in this Act referred to as the “Board”).

(2)

The Board shall, for the purpose of administering the affairs of the Authority, exercise, perform and discharge the powers, duties and functions conferred on, assigned to or imposed on the Authority by this Act.

(3)

The Board shall consist of –

(a)

the following ex-officio members, namely –

(i)

Secretary to the Treasury or his representative who shall be a Deputy

Secretary to the Treasury nominated by the Secretary to the Treasury;

(ii)

the Deputy Governor of the Central

Bank in charge of financial system stability nominated by the Central Bank or in his absence a Deputy Governor nominated for the time being by the

Central Bank; and

(iii)

the Registrar of Voluntary Social

Service

Organizations or his representative not below the rank of a

Deputy Registrar of Voluntary Social

Service Organizations;

(b)

the following four members appointed by the

Minister (hereinafter referred to as “appointed members”):-

(i)

a member who has expertise, reached eminence and has experience in microfinance;

(ii)

a member who has expertise, reached eminence and has experience in one or more of the following fields:-

(A)

banking;

(B)

accounting;

(C)

law;

(D)

administration; or

(E)

any other relevant field; and

(iii)

two other members nominated by the

Governor of the Central Bank who shall possess academic or professional qualifications and have experience in the fields of banking, finance, microfinance, accounting, law, administration or any other relevant discipline:

Provided that, out of the four appointed members at least one member shall be a female member.

Read on from s 6

Part III

Director-General and The staff of the Authority

Read on from Part III

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