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srilawsby aturio
As enacted
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4. Powers, duties and functions of the Institute

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, the Institute shall have the following powers, duties and functions which shall be exercised, performed and discharged by the Council on behalf of the Institute :-

(a)

to prescribe qualifications and disqualifications for membership of the Institute and standards of professional conduct for members of the

Institute and secure maintenance thereof;

(b)

to enroll and register the members of the

Institute;

(c)

to accredit with local or international professional organizations dealing with real estate affairs and academic institutions involved in educational and research work on real estate affairs;

(d)

to enter into contracts or agreements with

Governmental organizations, companies, institutions or persons, both local and foreign and perform or carry out such contracts or agreements, whether directly or through any officer or agent authorized in that behalf by the

Institute, as may be necessary for the exercise, performance and discharge of the powers, duties and functions of the Institute;

(e)

to collaborate with, assist and receive assistance from other persons and organizations engaged in activities similar to the Institute, whether in

Sri Lanka or abroad;

(f)

to maintain, liaise and affiliation with other related institutions whether in Sri Lanka or abroad in furtherance of the objectives of the

Institute;

(g)

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

(h)

to receive grants, gifts, donations, subsidies, endowments and subscriptions whether in cash or material from donors in Sri Lanka or abroad;

(i)

to charge fees, subscriptions and contributions in respect of membership, admission to membership and study courses and examinations conducted by the Institute;

(j)

to open and maintain bank accounts, savings, deposits and securities with any State Bank as may be approved by the Council;

(k)

to advance, lend or borrow money for the purpose of the Institute on such terms and conditions with or without security as may be specified by rules, from time to time, by the

Council;

(l)

to invest its funds which are not immediately required for its purposes in such manner as may be necessary or expedient for the furtherance of its objectives with the approval of the Council;

(m)

to make, draw, accept, discount, buy, sell or issue bills of exchange, cheques, promissory notes and other negotiable or transferable instruments or securities; and

(n)

to do all such other acts and things as may be necessary for, or incidental or conducive to, carrying out or the achievement of the objects of the Institute.

Read on from s 5

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