6. Powers of the Corporation to acquire property, invest funds and raise loans, etc.
Feedback & supportOfficial 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 and any other written law, the Corporation shall have the power—
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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 the Government approved banks and other institutions (foreign and local) for the purposes of the Corporation with the approval of the Board of Trustees;
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:
-toinvest any funds not immediately required for the purposes of the-Corporation in such manner as the
Board of Trustees may think fit;
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to solicit and receive subscriptions, grants, donations and gifts of all kinds;
toenter into agreements or contracts with any person, company or body of persons;
toundertake, accept. execute, perform and administer any lawful trusts and conditions affecting any real or personal property;
toappoint, employ, dismiss or terminate the services of officers and servants of the Corporation, and to pay them such salaries, allowances and gratuties as may be determined by the Corporation:
to train personnel in Sri Lanka or abroad for the purposes of the Corporation: and
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to do all such other things as are necessary or expedient for the proper and effective carrying out of the objects of the Corporation.