Overseas Muslim Educational Trust of Sri Lanka (Incorporation) Act 2009

This Act may be cited as the Overseas Muslim

Educational Trust of Sri Lanka (Incorporation) Act, No. 51

of 2009.

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

“Overseas Muslim Educational Trust of Sri Lanka”

(hereinafter referred to as the “Educational Trust”) or shall hereafter be admitted members of the Corporation hereby constituted, shall be a body corporate (hereinafter referred to as the “Corporation”) with perpetual succession, under the name and style of the “Overseas Muslim Educational Trust of Sri Lanka” 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.

Overseas Muslim Educational Trust of Sri Lanka

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

to provide scholarships for needy Sri Lankan Muslim students who have passed General Certificate of

to provide for scholarships for needy Muslim students sitting the General Certificate of Education

to financially assist needy Muslim students who are already in University and who are unable to complete their courses of study due to insufficient funds.

The affairs of the Corporatioh shall, subject to the rules of the Corporation made under section 6, be administered by a Board of Governors (hereinafter referred to as the “Board”) Consisting of the Chariman, Vice Chairman and other office bearers elected or appointed in accordance with the rules of the Corporation made under section 6.

The first Board shall consist of the members of the

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 whatsoever, as are necessary or desirable for the promotin or furtherance of the objects of the Corporation or any one of them including the power to—

acquire, hold, take or give on lease or hire, mortgage pledge, sell, exchange, or otherwise alienate, encumber or dispose of any immovable property for the purposes of the Corporation;

enter into and perform or carry out, whether directly or through any officer or agent authorized in that behalf by the Corporation, all such contracts or agreements as may be necessary for the attainment of the objects or the exercise of the powers of the

accept gifts, donations and bequests in cash or in kind;

invest its funds, and to maintain current, deposit and savings accounts in any bank;

borrow or invest money for the purposes of the

appoint, employ, transfer, exercise disciplinary control over and dismiss officers and servants required for the carrying out of the objects of the

It shall be lawful for the Corporation, from time to time, at any general 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, on all or any of the following matters :—

Any rule made by the Corporation may be amended, altered, added to or rescinded at a like meeting and in like manner as a rule made under subsection (1).

The members of the Corporation shall at all times be subject to the rules of the Corporation.

The Corporation shall have its own fund and all moneys heretfore or hereafter received by way of gifts, testamentary dispositions, transfers, donations, subscriptions, contributions, fess or grants or any financial investment shall be deposited to the credit of the fund of the Corporation in one or more Banks as may be determined by the Board.

All expenses incurred by the Corporation in exercising and discharging its powers and functions shall be paid out of the fund.

The financial year of the Corporation shall be the calendar year.

The Corporation shall cause proper accounts to be kept of its income and expenditure, assets and liabilities and all other transactions of the Corporation.

The accounts of the Corporation shall be audited by a qualified auditor appointed by the Board.

In this section, “qualified auditor” means—

The seal of the Corporation shall be in the custody of the Secretary and shall not be affixed to any instrument whatsoever except in the presence of the President and the

Secretary of the Corporation or such other person duly authorized by the Board who shall sign their names on the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

All debts and liabilities of the Educational Trust 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 Educational Trust on that day shall be paid to the

Corporation for the purposes of this Act.

No member of the Corporation shall, for the purpose of discharging the debts and liabilities of the Corporation or for any other purpose, be liable to make any contribution exceeding the amount of such membership fees as may be due from him to the Corporation.

The moneys and property of the Corporation however derived shall be applied solely towards the prmotion of its objects as set forth herein and no portion thereof shall

Overseas Muslim Educational Trust of Sri Lanka be paid or transferred directly or indirectly by way of dividend, bonus, profit or otherwise howsoever to the members of the

Corporation.

Subject to the provisins 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 any purchase, grant, gift testamentary disposiiton or otherwise, and all such property shall be held by the Corporation for the purposes of the Corporation and subject to the rules of the Corporation made under section 6, with full power to sell, mortgage, lease, exchange or otherwise dispose of the same.

If upon the dissolution of the Corporation there remains after the satisfaction of all debts and liabilities, any property whatsoever, such property, shall not be distributed among the members of the Corporation but shall be given or transferred to some other association or associations having objects, similar to the objects of the Corporation and which is or are by the rules thereof prohibited from distributing any income or profit among its or their members. Such association or associations shall be determined by the members of the

Corporation at or immediately before the time of dissolution of the Corporation.

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

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

Overseas Muslim Educational Trust of Sri Lanka