7. Ratnapura Buddhist Educational Board,
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The Ratnapura Buddhist Educational Board
(hereinafter referred to as the “Educational Board”)
already established by the Society shall continue to function and shall have the right to frame its own rules and regulations.
All moneys collected by the Educational Board shall be deposited in its name in the National Savings Bank or any other bank approved by the Board as a fixed deposit and shall be in the control exclusively of the Educational
Board subject however to the provisions of subsection (3).
The Educational Board shall not, without the written sanction and approval of the Board of Governors, withdraw any sum whatsoever from the fixed deposits lying to its credit :
Provided, however, that the Educational Board shall be entitled to use the interest accruing on the said fixed deposits to give financial aid, pay scholarship money and other incidental expenses without the approval of the
Board of Governors.