Pahalagama Sri Somarathana Nayaka Thero Foundation (Incorporation) Act 2011

This Act may be cited as the Pahalagama

Sri Somarathana Nayaka Thero Foundation (Incorporation)

Act, No. 35 of 2011.

From and after the date of commencement of this

Act, such and so many persons as now are members of the

Pahalagama Sri Somarathana Nayaka Thero Foundation

(hereinafter referred to as the “Foundation”) or shall hereafter be admitted as 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 “Pahalagama Sri Somarathana

Nayaka Thero Foundation” and by that name may sue and be sued in all courts, with full power and authority to have and use a common seal and to alter the same at its pleasure.

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

to conduct Dhamma sermons, discussions and seminars;

to print, publish and distribute books, magazines, journals, papers and programmes relating to

to set up and maintain reading halls, lecture halls, and academic institutions for the study, promotion and propagation of Buddhism;

to organize and conduct activities for the preservation of Buddhist culture and moral development;

to take steps to improve the way of life of adherents of the Buddhist faith;

to promote national Buddhist customs and to improve the spiritual and social values of adherents of the Buddhist faith;

to assist the younger generation of adherents of the

to conduct social service activities in accordance with Buddhist principles and to encourage the adherents of the Buddhist faith to engage in such activities; and

to establish and maintain institutions for educational and social service activities for the adherents of the Buddhist faith.

Subject to the provisions of this Act, or 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 promotion or furtherance of the objects of the Corporation or any one of them, including the power to open, operate and close bank accounts, to borrow or raise money, with or without security, to receive or collect grants and donations, to invest its funds and to engage, employ and dismiss officers and servants required for the carrying out of the objects of the Corporation.

The affairs of the Corporation shall, subject to the rules made under section 6 be administered by a

The founder member of the Foundation, Rev.

The first Committee of Management of the Corporation shall consist of the members of the Committee of Management of the Foundation holding office on the day immediately preceding the date of commencement of this Act.

It shall be lawful for the Corporation from time to time, at any general meeting 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, for 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).

All members of the Corporation shall be subject to the rules of the Corporation.

All debts and liabilities of the Foundation existing on the day preceding the date of commencement of this Act, shall be paid and discharged by the Corporation and all debts due to, and subscriptions and contributions payable to the Foundation on that day shall be paid to the Corporation for the purposes of this Act.

The Corporation shall be able and capable in law to take and hold any property, movable or immovable, which may become vested in it by virtue of any purchase, grant, gift, lease or testamentary disposition or otherwise and all such property shall be held by the Corporation for the purposes of this Act 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.

The Corporation shall have its own fund and all moneys heretofore or hereafter to be received by way of testamentary dispositions, donations, contributions and fees deposited in the name of the Corporation in one or more banks as may be decided by the Committee of

There shall be paid out from the fund, all sums of moneys to defray any expenditure incurred by the

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

The Corporation shall cause proper accounts to be kept of all moneys received and expended by the

The Accounts of the Corporation shall be examined and audited at least once in every year and the correctness of income and expenditure account and the balance sheet certified by a qualified auditor appointed by the Committee of Management.

In this section “qualified auditor ” means —

The seal of the Corporation shall not be affixed to any instrument whatsoever, except in the presence of the

Honorary Secretary of the Committee of Management and such other person duly authorised by the Committee of

Management who shall sign their names to the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

If upon the dissolution of the Corporation, there remains, after the satisfaction of all its 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 institution or institutions having objects similar to those of the Corporation and which is or are by the rules prohibited from distributing any income or property among their members. Such institution or institutions shall be determined by the members of the

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

Nothing in this Act contained shall prejudice or affect the rights of the Republic or 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.