5. Powers of the Corporation

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

Subject to the provisions of this Act or any other written law, the Corporation shall have the following powers:—

(a)

to receive or collect money, gifts, donations, grants or any other assistance from persons or organizations in Sri Lanka or abroad:

Provided that, notwithstanding anything to the contrary in any other provisions of this Act, the

Committee shall obtain prior written approval of the Department of External Resources of the

Ministry of the Minister to whom the subject of

Finance is assigned in respect of all foreign grants, gifts or donations;

(b)

to open and maintain current, savings or any other account in any bank or banks,as may be determined by the Committee;

(c)

to enter into, perform and execute contracts and agreements either directly or through an officer or agent authorized by the Corporation for such purpose in order to achieve the objects of the

Corporation;

(d)

to borrow money or raise funds for the purposes of the Corporation;

(e)

to invest funds of the Corporation in any institution approved by the Committee; and

(f)

to appoint officers and servants for the fulfillment of objects of the Corporation.

Read on from s 6