Samastha Lanka International Development Association (Incorporation) Act 2007

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

Lanka International Development Association (hereinafter referred to as “the Association”) 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

“Samastha Lanka International Development Association”

and by that name may sue and be sued in all courts, with full power and authority to have and to 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 encourage the social and economic development of Sri Lanka ;

to establish, maintain and promote projects for the development of agriculture, livestock and fishing in urban and rural areas and in the plantation sector ;

to train youth engaged in the plantation sector in small industries to enable them to engage in self employment ;

to promote education by holding seminars, lectures, discussions and workshops within or outside Sri

to grant scholarships, fellowships, bursaries, prizes and other awards and to undertake research to promote education ;

to provide board, accommodation and other facilities and grants to those who are engaged in the attainment of the objects of the Corporation ;

to undertake the execution of road development and construction, improvement and maintaining any building and machinery required therefore and to provide such other related services ;

to sponsor and conduct conferences, seminars, workshops, group studies and lectures in Sri Lanka and elsewhere ; and

to print, publish and distribute books, journals, leaflets, newspapers and magazines which the

Subject to the provisions of this Act and any other written law, the Corporation shall have the power —

to borrow or raise money for the purposes of the

to draw, accept, discount, endorse, negotiate, buy, sell and issue bills of exchange, cheques, promissory notes and other negotiable instruments and to open, operate, maintain and close bank accounts in Sri

to enter into agreements or contracts with any person or body of persons in Sri Lanka or outside Sri Lanka ;

to undertake, accept, execute, perform and administer any lawful trusts which may directly or indirectly be conducive to the accomplishment of all or any of the objects of the Corporation ;

to train personnel, in Sri Lanka or abroad, at the expense of the Corporation for the purpose of the

to appoint, employ, dismiss or terminate the services of officers and servants of the Corporation and to pay them such salaries, allowances, pensions and gratuities as may be determined by the Corporation ;

to invest all moneys of the Corporation which are not immediately required for the purpose of carrying out the objects of the Corporation in securities of the Government of Sri Lanka, or in any other form of investment in Sri Lanka.

The management, control and administration of the Corporation shall subject to the provisions of this Act and the rules in force for the time being of the Corporation, vest in a Governing Council (hereinafter referred to as “the

The members of the Association holding office on the day preceding the date of commencement of this Act, shall be deemed to be the members of the first council of the

It shall be lawful for the Corporation from time to time, at an annual general meeting or 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 other written law, for all or any of the following matters :—

The rules made by the Corporation under subsection (1) shall be altered, added to, amended or rescinded at a like meeting and in like manner as a rule made under subsection (1) from time to time, at any annual general meeting.

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 Council.

The Corporation may establish a depreciation fund or a sinking fund for the purpose of rehabilitation, development or improvement of the property of the Corporation.

All expenses incurred by the Corporation in the exercise and discharge of the powers and functions of the

The Corporation shall be able and capable in law to acquire and hold any property, movable or immovable, which may become vested in it by virtue of any purchase, subscription, gift, grant 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 in force for the time being of the Corporation, with full power to sell, mortgage, lease, exchange or otherwise dispose of the same.

No member of the Corporation shall, for the purpose of discharging the debts and liabilities of the Corporation or for any other purpose, be liable to make any contribution exceeding the amount of annual subscription payable by him to the Corporation.

All debts and liabilities of the Association 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 Association on such day shall be paid to the Corporation for the purposes of this Act.

If upon the winding up or 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 its or their rules prohibited from distributing any income or property among its or their members.

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

The Corporation shall cause proper accounts to be kept of its income and expenditure, assets and liabilities and all other transactions of the Corporation.

The accounts of the Corporation shall be audited by a qualified auditor.

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

Chairman or the Managing Director or such other person as may be duly authorized by the Council 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.

Nothing in this Act contained shall prejudice or affect the rights of the Republic or of any body politic or corporate or of any other persons .

In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.

Samastha Lanka International Development