7. Powers of the Corporation

Subject to the provisions of this Act and any other written law, the Corporation shall have the power to—

purchase, acquire, rent, construct and otherwise obtain lands or buildings which may be required for the purposes of the Corporation ;

borrow or raise money from any Government approved bank and other institutions (foreign and local) for the purposes of the Corporation with the approval of the Committee of Management ;

make, draw, accept, discount, endorse, negotiate, buy, sell and issue bills of exchange, cheques, promissory notes and other negotiable instrument and to open, operate, maintain and close bank accounts ;

invest funds not immediately required for the purposes of the Corporation, in such a manner as the

solicit and receive subscriptions, grants, donations and gifts of all kinds ;

enter into agreements or contracts with any person, company or body of persons ;

undertake, accept, execute, perform and administer any lawful trusts and conditions affecting any property ;

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

train personnel in Sri Lanka or abroad for the purposes of the Corporation ; and

do all such other acts or things as may be necessary or conducive to the carrying out of the objects of the