6. Powers of the body corporate

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 body corporate shall have the power to do, perform and execute all such acts and matters as are necessary or desirable for the promotion or furtherance of the objects of the body corporate or any one of them, including the power-

(a)

to purchase, rent, construct, renovate and otherwise obtain lands or buildings, which may by required for the purposes of the body corporate and to deal with or dispose of the same as may be determined by the Board with a view to promoting the objects of the body corporate;

(b)

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

(c)

to borrow or raise funds with or without securities and to receive grants, gifts or donations in cash or kind for the attainment of the objects of the body corporate:

Provided that, the Board shall obtain the prior written approval of the Department of External

Resources in respect of all foreign grants, gifts or donations made to the body corporate;

(d)

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 accounts in any bank;

(e)

to invest any funds that are not immediately required for the purposes of the body corporate, in such manner as the Board may determine;

(f)

to undertake, accept, execute, perform and administer any lawful trust having objects similar to those of the body corporate or any real or personal property with a view to promoting the objects of the body corporate;

(g)

to appoint, employ, dismiss or terminate the services of officers and servants of the body corporate and exercise disciplinary control over them and to pay them such salaries, allowances and gratuities as may be determined by the body corporate in terms of the rules made under section 7 of the Act;

(h)

to determine and levy fees, subscriptions and contributions in respect of membership and admission to membership of the body corporate;

(i)

to determine and levy fees, in respect of admission to courses of study and examinations conducted by or on behalf of the body corporate in accordance with the consent of relevant authorities;

(j)

to compile a Code of Ethics to be followed by the members of the body corporate and secure adherence thereto by such members;

(k)

to organize and conduct conferences, seminars, forums, workshops and meetings relating to shipping business in Sri Lanka and abroad with a view to promoting the objectives of the body corporate;

(l)

to establish, promote, foster and maintain good relations with other local and foreign institutions having objects similar to those of the body corporate;

(m)

to train officers and servants in Sri Lanka or abroad for the purposes of the body corporate;

(n)

to assess the eligibility of candidates for admission to various grades of membership; and

(o)

generallly, to do all such acts and things authorized by this Act for the achievement of the objects of the body corporate.

Read on from s 7