Minimum Number of Board Members of Selected Licensed Banks

11 September2024
CENTRAL BANK OF SRI LAIYKA
BAIIKING ACT DETERMINATION No.03 of 2024
MINIMUM NUMBER OF MT'IMBERS OF BOARDS OF DIRECTORS OF SELECTED LICENSED BAI\KS In the exercise of the powers conferred by Sections a2Q3) and76Tof the_Banking Act, No. 30 of 1988, as amended, the Central Bank of Sri Lanka hereby determines the minimum number of members of the Board of Directors of Bank of Ceylon, People's Bank, National Savings Bank and Pradeshiya Sanwardhana Bank, with a view to facilitating the effective functioning of the Board and Board Sub Committees with sufficient number of directors of aforementioned licensed commercial banks and licensed specialised banks (hereinafter referred to as licensed banks).

1. Empowerment 1.1 In terms of Sections 42(13) and 76H of the Banking Act, No. 30 of
   1988, as amended, notwithstanding anything to the contrary in any other written law, the Central Bank shall, from time to time, determine the number of mernbers of the Board of Directors of a licensed bank which number shall not be less than seven (7) in any case.
   2.1 The Board of Directors of the following licensed banks shall be
   constituted with the minimum number of members as given in Table I below, subject to a maximum number of thirteen (13).
   Table 1: Minimum Number of Members of the Board of Directors
   Licensed Bank Minimum Number of Directors
   Bank of Ceylon 10
   People's Bank l0
   National Savings Bank 9
   Pradeshiya Sanwardhana Bank 9
2. Minimum
   Number of
   Directors
3. Effective Date of
   Compliance
   3.1 The above licensed banks are required to comply with the requirement
   stipulated in Determination2.l by 01 Jme2025.
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   Chairman of the Governing Board and
   Governor of the Central Bank of Sri Lanka