Board of Directors of the Mahaweli Cultural Foundation Trust (Incorporation) Act 2009

This Act may be cited as the Board of Directors of the Mahaweli Cultural Foundation Trust (Incorporation)

Act, No. 27 of 2009.

From and after the date of commencement of this Act, the members of Board of Directors for the time being of the

Mahaweli Cultural Foundation Trust (hereinafter referred to as the “Trust”) or shall hereafter be admitted as members of the Board of Directors of the said Trust shall be a body corporate (hereinafter referred to as the “Corporation”) with perpetual succession under the name and style of the “Board of Directors of the Mahaweli Cultural Foundation Trust” and by that name may sue and be sued, with full power and authority to have and to use a common seal and to alter the same at its pleasure.

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Board of Directors of the Mahaweli Cultural

Foundation Trust (Incorporation)

Act, No. 27 of 2009

The general objects for which the Corporation is constituted are hereby declared to be—

to complete the sacred Kotmale Mahaweli Maha

to ensure and facilitate the performance of traditional Buddhist and cultural rituals at

to hold exhibitions, lectures, seminars and make publications in order to promote awareness about the objectives of the Corporation;

to act for the benefit of Buddhist institutions all over Sri Lanka giving priority to Central

to take every possible step to assist the progress of the Buddha Sasana;

to protect Buddhism and popularize the righteous life style preached therein, among Buddhists;

to improve the educational activities of Buddhist children and to improve their spiritual values;

to establish friendly relationships with Buddhist organizations both in Sri Lanka and abroad;

to protect cultural identities of Buddhists.

It shall be lawful for the Corporation from time to time, at any general meeting and by a majority of not less than two-thirds of the members present and voting, to make

Any rule made by the Corporation may be amended, altered, added to or rescinded in like manner as a rule may be made under subsection (1).

Every member of the Corporation shall be subject to the rules of the Corporation made under section 4 of this Act.

The Corporation shall have its own fund

All moneys lying to the credit of the Trust in any Bank or in any other institution, on the day immediately preceding the date of commencement of this Act, shall be transferred to the Fund of the Corporation with effect from the date of commencement of this Act.

The Corporation may establish a depreciation fund or a sinking fund for the purpose of rehabilitation, development or improvement of the property of the Corporation.

All expenses borne by the Corporation in the exercise and discharge of the powers and functions of the Corporation shall be paid out of the Fund.

The Management, control and administration of the Corporation shall subject to the other provisions of this

The first Board of the Corporation shall consist of the Board of Directors of the Trust, holding office on the day, immediately preceding the date of commencement of this Act.

The Board shall maintain a register of members in which every person who on the day immediately preceding the date of commencement of this Act is a member of the

Trust and every person hereinafter duly admitted as a member of the Corporation shall have his name inscribed.

The Corporation shall have the power to appoint committees and to take such other steps as may be deemed necessary, from time to time, for the efficient discharge of the functions of the Corporation.

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Board of Directors of the Mahaweli Cultural

Foundation Trust (Incorporation)

Act, No. 27 of 2009

All debts and liabilities of the Trust existing on the day preceding the date of commencement of this Act, shall be paid or discharged by the Corporation and all debts due to and subscriptions and fees payable to the Trust on that day shall be paid to the Corporation for the purposes of this Act.

Subject to the provisions of this Act and any other written law, the Corporation shall have the power to do, perform and execute all such acts, matters and things whatsoever as are necessary or desirable for the promotion or furtherance of the objects of the Corporation or any one of them, including the power —

to raise funds and receive grants, gifts or donations in cash or kind ;

to acquire in manner whatsoever, hold and take or give on lease or hire, mortgage, pledge or sell or otherwise dispose of any property movable or immovable ;

to make, draw, accept, discount, endorse, negotiate, buy, sell and issue bills of exchange, cheques, promissory notes and other negotiable instruments ;

to open, operate and close bank accounts and borrow or raise money with or without security ;

to invest any funds not immediately required for the purposes of the Corporation in such manner as the

to erect or cause to be erected any structure or building on any land belonging to or held by the

to enter into contracts or agreements with any person or body of persons ; and

to appoint, employ, dismiss or terminate the services of officers and servants of the Corporation and pay them such salaries, allowances and gratuities as may be determined by the Corporation.

The Corporation shall be able and capable in law to acquire and hold any property, movable or immovable, which may become vested in it by virtue of any purchase, testamentary disposition or otherwise and all such property shall be held by the Corporation for the purposes of this Act and subject to the rules of the Corporation made under section 4 of this Act with power to sell, mortgage, lease, exchange or otherwise dispose of the same.

The financial year of the Corporation shall be the calendar year.

The Corporation shall cause proper accounts to be kept of its income and expenditure, assets and liabilities and all other transactions of the Corporation.

The accounts of the Corporation shall be audited by a qualified auditor.

In this section “qualified auditor” means—

The seal of the Corporation shall not be affixed to any instrument whatsoever, except in the presence of the

Chairman or the Secretary or such other person duly authorized by the Board who shall sign their names to the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

If upon the dissolution of the Corporation there remains after the satisfaction of all debts and liabilities any property whatsoever, such property shall not be distributed among the members of the Corporation, but shall be given or transferred to some other institution or institutions having objects similar to those of the Corporation and which is or are by the rules thereof prohibited from distributing any income or property among its or their members.The Board shall determine such institution or institutions at the time of the dissolution of the Corporation or prior to such dissolution.

Nothing in this Act contained shall prejudice or affect the rights of the Republic or any body politic or corporate.

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

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Board of Directors of the Mahaweli Cultural

Foundation Trust (Incorporation)

Act, No. 27 of 2009