5. Powers of the Corporation to acquire property, invest funds and raise loans, etc.

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;

to borrow or raise money from Government approved Banks and other institutions (foreign and local) for the purposes of the Corporation with the approval of the governing body;

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;

to invest any funds not immediately required for the purposes of the Corporation, in such a manner as the Governing body may think fit;

to solicit and receive subscription, grants, donations and gifts of all kinds;

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

to undertake, accept, execute, perform and administer the lawful trusts and conditions affecting any real or personal 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 purpose of the Corporation.