4. 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 power to—

(a)

open, operate and close bank accounts in any one or more banks as may be determined by the

Governing Council;

(b)

borrow or raise money with or without security, and to receive or collect grants and donations:

Provided that, notwithstanding anything to the contrary in any other provisions of this Act, the

Governing Council shall obtain prior approval of the Department of External Resources of the

Ministry of the Minister to whom the subject of

Finance is assigned in respect of all foreign grants, gifts or donations;

(c)

invest any funds of the Corporation which are not immediately required for the purpose of the

Corporation in a way that may be determined by the Governing Council to achieve the objects of the Corporation;

(d)

purchase, acquire, give on lease or hire, sell or otherwise obtain any movable or immovable property which may be required for the purpose of

D. M. Dassanayake Social Services and Charity the Corporation and which may lawfully be acquired for those purposes and to deal with or dispose of the same, as it may deem expedient with a view to achieving the objects of the Corporation;

(e)

appoint, employ and dismiss the employees required for the carrying out of the objects of the

Corporation and pay them such remuneration as may be determined by the Governing Council;

(f)

enter into, perform or carry out, whether directly or through any officer or agent authorized in that behalf by the Governing Council, all such contracts or agreements as may be necessary for the attainment of the objects or the exercise of the powers of the Corporation; and

(g)

do all other things as may be necessary or expedient for the proper and effective carrying out of the objects of the Corporation.

Read on from s 5