5. Powers of the Board

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Board shall, in the name of the Fund, have the power to. do all things necessary for or conducive or incidental to the carrying out the aims and objects of the

Fund.

(2)

Without prejudice to the generality of the powers conferred by subsection (1), the Board shall exercise and discharge the following powers and functions :—

(a)

toratse funds, to receive grants, gifts, and donations, in cash or in kind, whether from local or foreign sources;

(4)

to purchase, acquire or hold any property, movable or immovable, which may become vested in it by this Act or by virtue of any purchase, gift, grant, testamentary disposition or otherwise and to sell, mortgage, lease, grant, convey. device, assign, exchange or otherwise dispose of any property to which the Fund may become entitled;

(c} to conduct any lottery subject to the provisions of the Lotteries Ordinance (Chapter 45), in order to raise funds for the furtherance of the objects of the

Fund;

(d)

subject to the provisions of the Act, to appoint officers, employees and servants, and to remunerate them and to make rules regarding the appointment, promotion, remuneration and disciplinary control of such officers, employees, and servants and the grant of leave and other benefits to them;

(e)

to enter into and perform, either directly or through officers, employees, servants and agents authorized in that behalf by the Board, all such contracts and agreements as may be necessary for the exercise, performance and discharge of the powers, duties and functions and for the carrying out the objects of the Fund;

(f)

to invest money belonging to the Fund at the discretion of the Board in any such investments as are authorized by law for the investment of money, to recall, invest and vary such investments at the discretion of the Board. and to collect any income arising or accruing from such investments;

(g)

to open, operate and close bank accounts and to borrow or raise money, with the property of the Fund

. as Security or without such security, for the purposes of the Fund; and,

(i)

to do all such other acts or things as are incidental or conducive to the carrying out of the objects of the Fund.

Report

Read on from s 6