Methsith Dharmadutha Foundation (Incorporation) Act 2008

This Act may be cited as the Methsith Dharmadutha

Foundation (Incorporaticn) Act, No. 22 of 2008.

From and after the date of commencement of this Act, such and so many persons as presently are members of the

Methsith Dharmadutha Foundation (hereinafter referred to as the “Foundation’) or shal! hereafter be admitted members of the Corporation hereby constituted shall be a body corporate with perpetual succession under the name and style of the “Methsith Dharmadutha Foundation”(hereinafter referred to as the “Corporation” , and by that name may sue and be sued with full power and authority to have and use a common seal and to alter the same at its pleasure.

The general objects for which the Corporation is constituted are hereby declared to be. —

to promote and foster the spiritual and cultural practices and teaching of Buddha within the Sri

to practicing Buddha Dharma by holding worship services and to transmit the Maitreyan Tri-ratna by performing the relevant rituals for Buddhists;

toupliftand improve the socio-economic conditions of the Buddhist people of Sri Lanka and help them to attain a higher lift by practicing Buddha Dharma;

to provide financial aid and award scholarships to

to collaborate or amalgamate with any other institution or organization, whether foreign or local having objects similar to those of the Corporation.

Subject to the provisions of this Act and any other written law, the Corporation shall have the power to do, perform and execute all such acts, matters and things as are necessary or desirable for the promotion, or furtherance of the objects of the Corporation or any one of them, including the. power to open, operate and close bank accounts, borrow or raise the money with or without security, receive or collect grants and donations, to invest its funds, enter into contracts and agreements and to engage, employ and dismiss officers

‘and servants required for the carrying out of the objects of the Corporation.

.The affairs of the Corporation shall subject to the rules of the.Corporation, be administered by a Board of

The first Board of Management shall consist of the

The fitst Board of Management of the Corporation

Itshall be lawful for the Corporation from time to time at any meeting of the 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 the following matters :—

Any rule made by the Corporation may be amended.

The members of the Corporation shall be subject to the rules of the Corporation.

The Board of Management of the Corporation shall cause proper books of accounts to be kept of the income and expenditure of the Corporation.

All moneys received by way of donations, testamentary dispositions, transfers, contributions or fees shall be deposited in the name of the Corporation in one or more banks as the

The Corporation may create any depreciation, reserve or sinking funds for the rehabilitation, improvement and the development of the property of the Corporation.

The accounts of the Corporation shalf be audited by any qualified auditor or auditors appointed by the Corporation.

The Corporation shall be organized and operated as a non profit organization and no part or the gains, profits or dividends if any of the Corporation shall be distributed among the members of the Corporation.

In the case of dissolution of the Corporation all the assets remaining after payment of all debts and liabilities thereof shall be transferred to an organization established or organize exclusively for charitable, religious or cultural purposes.

The Corporation shall have its own fund and all moneys heretofore or hereafter to be received by way of gifts, bequest, donations, subscriptions, fees or grants for and on account of the Corporation shall be deposited to the credit of the Corporation in one or more banks as the Board of

There shal] be paid out of the fund, any expenditure incurred by the Corporation in the exercise, performance and discharge of its powers, duties and functions under this Act.

All debts and liabilities of the Foundation existing 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

Foundation on such day shall be paid to the Corporation for the purposes of this Act.

The Corporation shall be able and capable in law to acquire and hold any property movable or immovable which may become vested in it by virtue of purchase. grants, gifts, testamentary disposition or otherwise and all such property shall be held by the Corporation for the purposes of this Act and subject to the rules of the Corporation and shall have full power to sell, mortgage, lease, exchange or otherwise dispose of the same.

The seal of the Corporation shall not be affixed to any instrument whatsoever, except in the presence of

Chairman, the Secretary or the Treasurer who shall place 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.

Nothing in this Act contained shall prejudice or affect the rights of the Republic or any body politic or corporate.

Inthe event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.