Ratnapura, Marapana Sastrodaya Foundation (Incorporation) Act 2007

This act may be cited as the Ratnapura, Marapana

Sastrodaya Foundation (Incorporation) Act, No. 40 of 2007.

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

“Ratnapura, Marapana Sastrodaya Foundation” (hereinafter referred to as the “Foundation”) or shall hereafter be admitted members of the Corporation hereby constituted, shall be a body corporate with perpetual succession, under the name and style of the “Ratnapura, Marapana Sastrodaya

Foundation” (hereinafter referred to as the “Corporation”)

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.

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

to establish, educational centers including pre schools and vocational training, centers for children and adults in areas where such educational facilities are insufficient or not available ;

to promote peace and peaceful co-existance amongst people ;

to work for the scientific and cultural advancement of Sri Lankan society ;

to liaise with other institutions having objects similar to those of the Corporation;

to provide monetary and other assistance to young persons to engage in self-employments ;

to provide facilities for young persons to train themselves in sports ;

to organize discussions, conferences, debates and similar activities particularly for young persons;

to collect and distribute books and periodicals and provide library facilities, with a view to improving literarcy among people ;

to provide necessary facilities and encouragements for young persons to enhance their inherent talents and skills ;

to establish and maintain centers for the welfare and protection of dispaced persons and destitute persons.

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 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.

Ratnapura, Marapana Sastrodaya Foundation

The affairs of the Corporation shall, subject to the provisions of this Act and the rules of the Corporation made under section 6, be administered by a working committee comprising of the following :—

The first Working Committee of the Corporation shall consist of the members of the Working Committee of the

It shall be lawful for the Corporation from time to time at any general meeting of majority of not less than two thirds of their members present and voting to make rules not inconsistant with the provisions of this Act or any other written law for the admission, withdrawal or expulsion of members, for the conduct of the duties of the Working Committee, and of the various officers, agents and servants of the Corporation, for the procedure in the transaction of business and otherwise for the management of the affairs of the Corporation and the accomplishment of its objects.

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

All expenses incurred by the Corporation in the exercise and discharge of the powers and functions of the Corporation shall be paid out of the fund of the Corporation.

All debts and liabilities of the said Foundation existing on the day immediately 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 Foundation on that day shall be paid to the Corporation for the purposes of this Act.

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

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 balance sheet certified by the auditor or auditors who are the associate members of the Institute of Chartered Accountants of Sri Lanka.

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

Executive President or the Secretary or the Treasurer and a member 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.

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, 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 in force the time being of the said Corporation, 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 its debts and liabilities, any property whatsoever, such property shall not be distributed among the members of the Corporation, but shall

Ratnapura, Marapana Sastrodaya Foundation 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 property 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 the 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 or any other persons.

In the event of any inconsistency between the Sinhala,

Tamil and English texts of this Act, the Sinhala text shall prevail.

Ratnapura, Marapana Sastrodaya Foundation