Skip to content
Contents

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

7. Disqualifications from being a member of the Authority

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

A person shall be disqualified from being appointed or continuing as a member of the Authority, if such person –

(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.

Part III

Director-General and The staff of the Authority

Part IV

Moneylenders

Part V

Microfinance Business

Part VI

Regulation of Moneylenders and microfinance institutions

Part VII

Examination of A Licencee

Part VIII

Customer Protection

Part IX

Investigation of Offences

Part X

Offences and Penalties

Part XI

Finance

Part XII

General

Part XIII

Transitional Provisions

Schedules