Sri Lanka Economic Association (Incorporation) Act 2011

This Act may be cited as the Sri Lanka Economic

Association (Incorporation) Act, No. 33 of 2011.

From and after the date of commencement of this

Act, such and so many persons as now are members of the

Sri Lanka Economic Association (hereinafter referred to as

“the Association”) and such other persons shall hereafter be admitted as members of the Corporation hereby constituted, shall be a body corporate with perpetual succession under the name and style of the “Sri Lanka

Economic Association” (hereinafter referred to as “the

Corporation”) and by that name may sue and be sued with full power and authority to have and to use a common seal and alter the same at its pleasure.

Sri Lanka Economic Association (Incorporation)

The general objects for which the Corporation is constituted are hereby declared to be—

to undertake, promote and facilitate studies in the field of Economics within and outside Sri Lanka;

to organize and promote research in the field of

to plan and organize teaching and training programmes in the field of Economics;

to train students and others in research methodology with the idea of promoting knowledge and awareness in subjects relevant to economics;

to assist in the formulation of effective socio-economic policies;

to prepare and submit reports on issues relating to economic and social development or to prepare reports on studies relating to economic development;

to promote understanding, co-operation and friendship with similar associations within and outside Sri Lanka; and

to undertake, promote and conduct on its own initiative or in collaboration with local or foreign associations such surveys and studies on economic and social development in the international sphere and more particularly in Sri Lanka.

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 and matters as necessary or desirable for the promotion or furtherance of the objects of the Corporation or any one of them, including the power —

to raise funds and receive grants, gifts or donations, in cash or kind;

to acquire, in any manner whatsoever and hold, take or give on lease or hire, rent, sell or otherwise dispose of, any movable or immovable property and construct, maintain and alter any buildings or works necessary or convenient for the business of the Corporation;

to make, draw, accept, discount, endorse, negotiate, buy, sell and issue bills of exchange, cheques, promissory notes and other negotiable instruments and to open, operate and close bank accounts and borrow or raise money with or without security;

to invest any funds not immediately required for the purposes of the Corporation in such manner as the Council of Management may determine;

to enter into agreements or contracts with any person or body of persons for the implementation of these objects;

to determine the fees to be paid in respect of registration of different categories of membership;

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

The management, control and administration of the Corporation shall, subject to the provisions of this Act and any rule that may be made under section 6, vest in a Council of Management (hereinafter referred to as

The first Council of the Corporation shall consist of the members of the Council of the Association holding office on the day preceding the date of commencement of this Act.

It shall be lawful for the Corporation, from time to time, at any general meeting and by the votes of not less than two thirds of the members present and voting, to make rules, not inconsistent with the provisions of this Act or any other written law, for all or any of the following matters :—

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

The members of the Corporation shall at all time be subject to the rules of the Corporation made under this section.

With effect from the date of commencement of this Act—

With effect from the date of commencement of this

The Corporation shall have its own fund and it shall consist of all moneys received by way of gifts, testamentary dispositions, grants, donations, contributions or fees in cash or kind.

All moneys received shall be deposited in the name of the Corporation in one or more banks and be invested in any suitable manner to achieve the objects of the Corporation as may be decided by the Council.

All expenditure incurred by the Corporation in the exercise, performance and discharge of the powers, duties and functions of the Corporation shall be paid out of the fund of the Corporation.

The Corporation shall cause proper accounts to be kept of 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 as may be determined by the Council.

In this section “qualified auditor” means —

All debts and liabilities of the Association existing on the day preceding the date of commencement of this Act, shall be paid by the Corporation and all debts due to, subscriptions and contributions payable to the Association on that day shall be paid to the Corporation for the purpose of this Act.

If upon 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 institute or institutes having objects similar to those of the

Corporation, and which is or are by the rules thereof prohibited from distributing any income or property among its or their members. Such institution or institutions shall be determined by the Council at or immediately before the dissolution of the Corporation.

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

Secretary or a member of the Council as may be duly authorised by the Council and another member of the Council

Sri Lanka Economic Association (Incorporation)

who shall sign their names on the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

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.

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

In the event of any inconsistency between the

Sinhala and the Tamil texts of this Act, the Sinhala text shall prevail.