5. General powers of the Corporation

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

Subject to the provisions of this Act and any other written law the Corporation shall have the following powers which shall be exercised by the Board :—

(a)

to receive or collect grants, gifts or donations or subsidies whether in cash or otherwise from local or foreign sources ;

(b)

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

(c)

to give grants, endowments or loans for the futherance of the objects of the Corporation ;

(d)

to open and operate bank accounts and to draw, make, accept, endorse and negotiate cheques, promissory notes, bills of exchange and negotiable instruments ;

(e)

to appoint, employ and dismiss, such officers and servants as may be necessary for carrying out the objects of the Corporation, on such terms and conditions and at such remuneration as may be determined by the Board ;

(f)

to invest funds belonging to the Corporation in such securities as may be determined by the

Board ; and

(g)

to do all such other acts or things as may be necessary for the attainment of the objects of the

Corporation.

Read on from s 6