5. Powers and functions

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The Corporation shall have the power to do all things necessary for, or conducive or incidental to, the carrying out of the objects of the Corporation.

(2)

Without prejudice to the generality of the powers conferred by subsection (1), the Corporation shall have the following powers and functions:—

(a)

to receive or collect gifts, grants, donations, subsidies and subscriptions, whether in cash or otherwise from local and foreign sources;

(b)

to operate, open and close current, savings or deposit accounts and to borrow or raise money, with or without security;

(c)

acquire and hold any property movable or immovable which may be vested in the Corporation by virtue of any purchase, grant, gift, testamentary dispositions or otherwise;

(d)

to sell, lease, mortgage, exchange or otherwise dispose of, any movable or immovable property belonging to or held by the Corporation, subject to any trust attached to such property;

(e)

to invest the funds vested in or belonging to, the

Corporation in adequate securities as may be necessary;

(f)

to erect or cause to be erected, any building or structure and establish a Secretariat at the

Headquarters of the Corporation;

(g)

generally, to do all such other things as are necessary to facilitate the proper discharge of the functions of the Corporation.

Read on from s 6