Act of Parliament · As enacted
Dr. Soma Edirisinghe Fund (Incorporation) Act 2008
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s 1Short title
This Act may be cited as the Dr. Soma Edirisinghe Fund
(Incorporation) Act, No. 34 of 2008.
s 2Incorporation of Dr. Soma Edirisinghe Fund
Fromand after the date of commencement of this Act, such and so many persons as now are members of the
“Dr. Soma Edirisinghe Fund” (hereinafter referred to as the
“Fund”) or shall hereafter be admitted as members of the
Corporation hererby constituted, shall be and become a body corporate (hereinafter referred to as the “Corporation”), with perpetual succession, under the name and style of the
“Dr. Soma Edirisinghe Fund” and by that name may sue, and be sued, in all courts. with full power and authority to have, and use a common seal and alter the same at its pleasure.
s 3General objects of the Corporation
The general objects for which the Corporation is constituted are hereby declared to be—
to encourage and assist students faced with economic or financial difficulties to pursue higher studies and to assist and actively encourage students 2 —PL 003157
3,250 (08/2008)
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Dr. Soma Edirisinghe Fund (Incorporation)
from low-income families or students who have lost one or both parents or students affected by similar disadvantages to pursue higher studies ;
to provide assistance and relief to the poor and destitute who require heart surgery, of kidney transplantation or surgery for illnesses related to cancer
;
to establish and maintain orphanages and homes for the aged and to establish social welfare centres ;
to provide welfare facilities for the deaf. dumb and the blind and disabled persons and to establish welfare homes ;
to provide wheel chairs, clrutches and spectacles for the poor and destitute ;
to provide housing facilities for those who do not possess shelter and to provide assistance for the completion of construction of such houses ;
to assist financially by way of scholarships or otherwise, the voluntary workers and others who are engaged in the attainment of the objects of the
Corporation ;
to establish and maintain libraries to subscribe for and issue books, journals, souveniers and periodicals and to provide such other services as may be deemed desirable for attainment of the objects of the-Corporation ;
to hold exhibitions, lectures, seminars, philosophical discussions, workshops, classes, debates, conferences, tours, journeys or other activities, in furtherance of the objects of the Corporation;
Dr. Soma Edirisinghe Fund (Incorporation)
to co-operate and associate with other associations, societies or organizations having objects similar to those of the Corporation ;
to sponsor and conduct conferences, seminars, workshops, group studies and lectures in Sri Lanka and elsewhere in furtherance of the Corporation; and
() to print, publish and distribute books, journals, leaflets, newspapers and magazines which the
Corporation may consider desirable for the promotion and advancement of its objects .
The Management, control and administration of the Corporation shall subject to the provisions of this Act and the rules of the Corporation, vest ina Governing Council
(hereinafter referred to as “the Council’) consisting of such number of members elected from among the members in accordance with the rules of the Corporation made under
Section 6.
The members of the Council holding office on the day immediately preceding the date of commencement of this Act. shall be the members of the first Council of the
Corporation.
The Council shall have the power to appoint new members to fill the vacancies ywhen there is a necessity.
s 5General powers of the Corporation
Subject to the provisions of this Act and any other written law, the Corporation shall have the power-
to borrow or raise money for the purposes of the
Corporation ;
to make, draw, accept, discount, endorse, negotiate, buy, sell and issue bills of exchange. cheques, promissory notes and other negotiable instruments and to open, operate, maintain and close bank accounts ;
Dr. Soma Edirisinghe Fund (Incorporation)
to invest any funds not immediately required for the purposes of the Corporation in such manner as the
Council may think fit ;
to solicit and receive subscriptions, grants, donations and gifts of all kinds ;
to enter into agreements or contracts with any person or body of persons ;
to undertake, accept, execute, perform and administer any lawful trusts and conditions affecting any property ;
to appoint, employ, dismiss or terminate the services of officers and servants of the Corporation and to pay them such salaries, allowances and gratuities as may be determined by the Corporation ; and to train personnel in Sri Lanka or abroad for the purposes of the Corporation.
Itshall be lawful for the Corporation from time to time at any general meeting of Corporation and by a majority of not less than two-thirds of the members present and voting to make rules not inconsistent with the provisions of this Act or any other written law, for all or any of the following matters :—
the classification of membership fees payable by each class of members, their admission, withdrawal or expulsion or resignation ;
election of the Council, the resignation from, vacation of, or removal from office as office bearers and powers and duties of the Council ;
appointment, dismissal, powers, duties, functions and conduct of the various officers, agents, and servants of the Corporation ;
Dr. Soma Edirisinghe Fund (Incorporation)
the procedure to be observed at the summoning and holding of meetings of the Council, the Corporation or any Sub-Committee thereof, filling of vacancies, notices and agendas of such meetings, the quorum therefor and the conduct of business thereat :
the qualifications and disqualifications for membership in the Council and Corporation ;
the administration and management of the property of the Corporation ; and
generally for the management of the affairs of the
Corporation and the accomplishment of its objects.
The members of the Corporation shall be subject to the rules of the Corporation made under Section 6.
The Fund shall consist of—
all moneys lying to the credit of the Fund on the day immediately preceding the date of commencement of this Act ; and
all moneys that may accrue to the Corporation after the date of commencement of this Act.
All moneys lying to the credit of the Fund shall be utilised to defray the expenses incurred in the management of the affairs of the Corporation and implementation of its objects.
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 liabilitics and all other transactions of the Corporation.
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Dr. Soma Edirisinghe Fund (Incorporation)
The accounts of the Corporation shall be audited by a qualified auditor.
In this section, “qualified auditor” means—
an individual who being a member of the Institute of Chartered Accountants of Sri Lanka or of any other Institute established by law, possesses a certificate to practise as an Accountant issued by the Council of such Institute; or
a firm of Accountants each of the resident partners of which, being a member of the Institute of
Chartered
Accountants of Sri Lanka or of any other Institute established by law possesses a certificate to practise as an Accountant issued by Council of such Institute.
s 9Debts due and payable to the Fund
All debts and liabilities of the Fund on the day preceding the date of commencement of this Act shall be paid by the Corporation hereby constituted and all debts due to, subscriptions and contributions payable to the fund on the day shall be paid to the Corporation for the purposes of this Act.
s 10Corporation may hold property movable and immovable
The Corporation shall be able and capable in law to acquire by purchase, exchange. gilt, devise or bequest or in any other manner hold and enjoy subject to any express trust or otherwise for the benefit or the furtherance of the objects of the Corporation any property movable or immovable of any kind of nature whatsoever which may become vested in it by virtue, of any instrument of purchase, grant or lease exchange, assignment or by virtue of any testamentary disposition or otherwise and all such property shall be held by the Corporation for the purposes of this Act with full power from time to time to sell. mortgage, lease, exchange, grant, convey, devise. assign or otherwise dispose of them.
s 11How the seal of the Corporation is to be affixed
The seal of the Corporation shall be kept in the custody of the Corporation and shall not be affixed to any instrument whatsoever, except in the presence of two members
Dr. Soma Edirisinghe Fund (Incorporation)
of the Corporation 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.
s 12Property remaining on dissolution
If upon the dissolution of the Corporation there remains after the satisfaction of all its 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 institutions having objects similar to the objects of the Corporation and which is or are by the rules prohibited from distributing any income or property, among its or their members.
s 13Saving of the rights of the Republic and others
Nothing in this Act contained shall prejudice or affect the rights of the Republic or of any body politic or corporate.
s 14Sinhala text to prevail in case of inconsistency
In the event of any inconsistency between the
Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.