Extended Deadline

Aug 15, 2008 (LBO) - Directors of Sri Lankan banks who reach a term limit of nine years in 2008, would be allowed to be in office for a further three years, the Central Bank which is the financial regulator, said.

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The direction gives effect to a Supreme Court ruling made in July 2008 against a code of governance issued by the regulator in April.

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Bank directors have also been asked not to hold board positions in more than 20 companies.

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They have also been given three years from January 01, to meet the requirement.