Monetary Law (Amendment) Act 2002 · As enacted
3. Amendment of section 8 of the principal enactment
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
Section 8 of the principal enactment is hereby amended as follows :—
by the repeal of subsection (1) thereof, and substitution therefor, of the following subsection :—
“Establishment and objectives of the Central
Bank
“(1) The Monetary Board of the Central Bank shall, in addition to determining the policies or measures authorized to be adopted or taken under this Act, be vested with the powers, duties and functions of the Central Bank under this Act, and be generally responsible for the management, operations and administration of the Bank :
Provided, however, where the Monetary Board considers it appropriate, it may delegate to the
Governor, or to any officer of the Central Bank or to a Committee of such officers, any power, duty or function conferred or imposed on, or assigned to, the Board by section10 (a), (b), (bb), (d) and section 27.”;
by the insertion, immediately after subsection (1) of that section of the following new subsection :—
“(1A)
Where any power, duty or function is delegated by the Monetary Board under subsection (1), the person or the group of persons to whom such power, duty or function is delegated shall exercise, perform or discharge such power, duty or function, in accordance with such general or special directions or guidelines as may be issued by the Monetary Board.”; and
by the repeal of paragraph (c) of subsection (2) of that section and substitution therefor of the following paragraph :—
“(c)
three members appointed by the President on the recommendation of the Minister of
Finance, with the concurrence of the
Constitutional Council.”.