Monetary Law provisions pertaining to appointments
Disqualification for appointment as Governor, or as member of the Monetary Board
11. ( 1) A person shall be disqualified for appointment as the Governor of the Central Bank if–
( a) he is a Member of Parliament, or a member of any Provincial Council or any local authority; or
(b) he is a public officer or judicial officer within the meaning of the Constitution of the Democratic Socialist Republic of Sri Lanka, or holds any office or position (other than an academic position) either by election or appointment, for which salary or other remuneration is payable out of public funds or the funds of any local authority; or
( c) he is a director, officer, employee or shareholder of any banking institution (other than the Central Bank).
( 2) A person shall be disqualified for appointment as a member of the Monetary Board under paragraph (c) of subsection (2) of Section 8 if –
( a) he is a Member of Parliament, or a member of any Provincial Council or any local authority; or
(b) he is a public officer or judicial officer within the meaning of the Constitution of the Democratic Socialist Republic of Sri Lanka, or holds any office or position (other than an academic position) either by election or appointment, for which salary or other remuneration is payable out of public funds or the funds of any local authority; or
( c) he is a director, officer, employee or shareholder of any banking institution (other than the Central Bank) or any other institution supervised or regulated by the Central Bank.
12. (1) The Governor of the Central Bank shall be appointed by the President on the recommendation of the Minister in charge of the subject of Finance;
Removal from office of Governor or appointed member:
16. The President may, on the recommendation of the Minister in charge of the subject of Finance, remove the Governor or an appointed member from office–
( a) if he becomes subject to any disqualification mentioned in section 11; or
( b) if he becomes permanently incapable of performing his duties; or
(c) if he has done any act or thing which, in the opinion of the President is of a fraudulent or illegal character or is manifestly opposed to the objects and interests of the Central Bank; or
( d) in the case of the Governor, if he acts in contravention of subsection ( 2) of section 12.