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Divineguma
(2) The Board of Management shall consist of :– (i) the following ex-officio members namely:(a) the Director-General of the Department who shall be the Chairman; 5
(b) a representative of the Secretary to the Ministry of the Minister to whom the subject of Finance is assigned; (c) the Director in charge of the banking affairs of the Department;
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(d) a representative to be appointed by the Governor of the Central Bank of Sri Lanka; (e) the Secretary to the Ministry of the Minister or his representative; and
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(ii) three persons to be appointed by the Minister (hereinafter referred to as the "appointed members"). (3) The term of office of every appointed member shall be three years.
(4) The appointed members may be paid such remuneration as the Minister, in consultation with the 20 Minister to whom the subject of Finance is assigned, shall determine. (5) The Board of Management shall, for the purpose of supervision and regulation of financial activities of such banks and banking societies have the power to issue 25 directions from time to time, to such banks and banking societies. (6) The Board of Management shall, in the discharge of its duties, be subject to such regulations as may be prescribed by the Minister.