5. Powers of the Corporation

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

to acquire, hold and develop any property, movable or immovable, which may become vested in it by virtue of any purchase, grant, gift, testamentary disposition or otherwise ;

to seli, mortgage, lease, exchange or otherwise dispose of any such property ;

toappoint, employ, remunerate, exercise disciplinary control over and dismiss, such officers and servants as may be necessary for the purpose of carrying out the objects of the Corporation ;

to receive grants, gifts or donations, in cash or kind, whether from local or foreign sources ;

toestablish branches of the Corporation in Sri Lanka or abroad for the purpose of carrying out the objects of the Corporation ;

to open, operate and close bank accounts and to borrow or raisé money with or without such security ;