The Constitution of the Democratic Socialist Republic of Sri Lanka 154R. (1) There shall be a Finance Commission consisting of – (a) the Governor of the Central Bank of Sri Lanka; (b) the Secretary to the Treasury; and 124 [(c) three other members appointed by the President, subject to the provisions of Article 41A, to represent the three major communities each of whom shall be a person who has distinguished himself, or held high office, in the field of finance, law, administration, business or learning.] shall, unless he (2) Every member of the earlier dies, resigns or is removed from office, hold office for a period of three years. (3) The Government shall, on the recommendation of, and in consultation with, the Commission, allocate from the Annual Budget, such funds as are adequate for the purpose of meeting the needs of the Provinces. (4) It shall be the duty of the Commission to make recommendations to the President as to – (a) the principles on which such funds as are granted annually by the Government for the use of Provinces, Provinces; and (b) any other matter referred to the Commission by the President relating to Provincial Finance. (5) The Commission shall formulate such principles with the objective of achieving balanced regional development in the country, and shall accordingly take into account – (a) the population of each Province; (b) the per capita income of each Province; (c) the need, progressively, to economic disparities; and (d) the need, progressively, to reduce the difference between the per capita income of each Province and the highest per capita income among the Provinces. reduce social and 124 - Substituted by the Twentieth Amendment to the Constitution Sec. 42 . Finance Commission 131