Regional Development Banks Act 1997 · As enacted · Part II · Management of the Bank
8. ; Nominated Di NTeECctors
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
The Minister shall nominate as directors of the
Board :—
an officer of the Central Bank on the recommendation of the Monetary Board, where the Central Bank holds not less than eight per centum of the issued share capital of the Bank :
Provided that the Central Bank shall, until such time as it makes its contribution under subsection (3)
of section 18, be deemed to bea shareholder of the
Bank holding shares in excess of eight per centum of the issued share capital of the Bank, and be entitled to have a director nominated on its behalf in the
Board under this paragraph ;
anofficer ofthe Bank of Ceylon onthe recommendation of the Board of Directors of such Bank, where the
Bank of Ceylon holds not less than eight per centum of the issued share capital of the bank;
anofficer of the People’s Bank on the recommendation of the Board of Directors of such Bank, where the
People’s Bank holds not less than eight per centunt™
of the issued share capital of the Bank;
an officer of the National Savings Bank on the recommendation of the Board of Directors of such
Bank, where the National Savings Bank holds not less than eight per centum of the issued share capital of the Bank ;
an officer of the Central Bank to represent the Em-ployees Provident Fund, on the recommendation of the Monetary Board, where such Fund holds not less than eight per centum of the issued share capital of the Bank ; and
a person who has distinguished himself in the field of business, commerce, agriculture, industry or finance and who has an abiding interest in the developmet of the region within which the Bank operates.
A person nominated as a director under this subsection, is hereinafter referred to as a “nominated director”.
Anominated director shall hold office for aterm of four years:
Provided however, where any institution referred to in subsection (1), ceases to hold the qualifying percentage of shares the director representing such institution shall resign his office and where such director so fails to resign, the
Minister shall remove such director from office.
The Minister may without assigning any reason therefor remove a nominated director from office.
A nominated director may resign from his office by a letter in that behalf addressed to the Minister.
Where a nominated director is temporarily unable to perform the duties of his office by reason of ill-health or other infirmity or absence from Sri Lanka, the Minister may in consultation with the Board of Directors of the institution which such director represents or the Monetary Board, as the case may be, nominate another person to act as his alternate at
Monetary Board
“Monetary Board” means the Monetary Board of the Central Bank of Sri Lanka established under the Monetary Law Act;
Board meetings and the person so nominated shall have aright to vote at such meetings.
In the event of the vacation of office by death, resignation or removal of a nominated director, otherwise than by resignation or removal under the proviso to subsection (2), the Minister shal! nominate in accordance with the provi-sions of subsection (1) another person to represent the insti-tution which such person vacating office had represented. The person so nominated shall hold office for the unexpired part of the term of office of the nominated director whom he succeeds.