Microfinance and Credit Regulatory Authority Act 2026 · As enacted · Part II · Administation and Management of the Affairs of the Authority
9. Removal, resignation etc. of appointed members
Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Official translationFrom Department of Government Printing, unchanged
Any appointed member of the Board may at any time, resign from his office by a letter to that effect, addressed to the Minister and such resignation shall be effective from the date on which it is accepted by the Minister in writing.
Where any appointed member by reason of illness, infirmity or absence from Sri Lanka is temporarily unable to discharge the functions of his office, the Minister may, having regard to the provisions of paragraph (b) of subsection (3) of section 5 appoint some other person to act in his place:
Provided that, no such appointment shall be made for a period exceeding three months. Upon the expiration of the said period of three months, if the illness, infirmity or absence from Sri Lanka still continues, such member shall cease to hold office from the date of expiration of such period.
The Minister may remove an appointed member from office for reasons assigned. An appointed member who has been removed from office shall not be eligible for re-appointment as a member of the Board or to serve the
Board in any other capacity.
Where an appointed member dies, resigns or is removed from office, the Minister may having regard to the provisions of paragraph (b) of subsection (3) of section 5 appoint another person in his place and the person so appointed shall hold office for the unexpired period of the term of office of the member whom he succeeds.
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