6. General Power 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 and any other written law, the Corporation shall have the power to do, perform and execute all such acts, matters and things whatsoever, as are necessary or desirable for the promotion or furtherence of the objects of the Corporation or any one of them including the power to:—

(a)

purchase, acquire, hold, take or give lease or hire mortgage, pledge, sell exchange or otherwise alienate, encumber or dispose of any immovable property for the purposes of the Corporation;

(b)

enter into and perform or carry out, whether directly or through any officer or agent authorized in that behalf by the Corporation, all such contracts or agreements as may be necessary for the attainment of the objects or the exercise of the powers of the

Corporation;

(c)

accept grants, gifts, donations and bequests in cash or in kind:

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

Board 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;

(d)

invest its funds, and to open, maintain and close current, deposit and savings accounts in any bank;

(e)

borrow or raise any money from any bank or institution approved by the Executive Committee, for the purposes of the Corporation in such manner and upon such security as the Executive Committee may think fit; and

(f)

appoint, employ transfer, remunerate, exercise disciplinary control over and dismiss officers and servents required for the carrying out of the objects of the Corporation.

Read on from s 7