4. 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 and any other written Law, the Corporation shall have the power —

(a)

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

(b)

to receive or collect grants and donations in cash or in kind from local or foreign sources ;

Sammanthurai Thableekul Islam Arabic College

(c)

to invest all funds vested in or owned by the

Corporation on securities or to use them for purchasing lands, buildings, goods or furniture required by the Corporation ;

(d)

to construct buildings or to get buildings constructed in the Corporation’s own land or any other land held by the Corporation ;

(e)

to select a Board of Sponsors to advise, to fund the Corporation and to achieve the objectives of the Corporation ; and

(f)

to do all such other things that are incidental or conducive to the attainment of the objectives of the Corporation.

Read on from s 5