5. General Powers of the Corporation

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

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

(a)

borrow or raise money with or without security for the purpose of the Corporation:

Provided that, notwithstanding anything to the contrary in any other provisions of this Act, the

Committee of Management shall obtain prior approval of the Department of External Resources of the Ministry of the Minister to whom the subject of Finance is assigned in respect of all foreign grants, gifts or donations.

(b)

utilize and invest the funds belonging to the

Corporation in order to achieve the objects of the

Corporation, in a manner determine by the

Committee of Management;

(c)

open, maintain and close bank accounts in any bank or banks as may be determined by the

Committee of Management;

(d)

appoint, employ, disciplinary control, dismiss and remunerate officers and servants required for the carrying out of the objects of the Corporation;

(e)

to liaise and co-ordinate with other local or foreign institutions which have similar objects; and

(f)

to do all other acts and things as are incidental or conducive to the attainment and furtherance of the objects of the Corporation.

Organization for the Erection of Balana

Buddha Statue (Incorporation)

(2)

In exercising the powers of the Corporation set out above, the Corporation shall obtain the prior written approval of the Secretary to the Ministry of the Minister to whom the subject of Buddhasasana and Religious Affairs has been assigned.

Read on from s 6