9. Application of the fund of the Corporation
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
The income and property of the Corporation however derived, shall be applied solely toward the promotion of its objects of the Corporation and no portion thereof shall be paid or transferred directly or indirectly by way of divident, loan, bonus, profit or otherwise to the members of the
Corporation’:
Provided however that the provisions of this section shall not prohibit —
the payment in good faith of reasonable and proper rémuneration to any officer, employee or servant of the Corporation or to any member of the Corporation for any services rendered by him to the Corporation ;
Board of Directors of the Muslim Ladies 5
Arabic College Kattankudy (Incorporation)
Act, No. 2 of 2000
The payment of reasonable and proper rent for premises let to the Corporation by any members of the Corporation or by any company of which a member of the Corporation is a shareholder.