5. General 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 acquire, hold and develop any property movable or immovable which may become vested in it by virtue of any purchase, grant, gift, testamentary disposition or otherwise ;

(b)

to sell, mortgage, lease, exchange or otherwise dispose of any such property ;

(c)

to appoint, employ, remunerate, exercise disciplinary control over and dismiss officers and servants as may be necessary for the purposes of the

Corporation ;

(d)

to receive grants, gifts or donations in cash or kind whether from local or foreign sources ;

(e)

to establish branches of the Corporation in any foreign country for the purpose of carrying out the objects of the Corporation ;

(f)

to open, operate and close bank accounts and to borrow or raise money with the property of the corporation as security or without such security for the purposes of the Corporation ;

(g)

to invest money belonging to the Corporation in such securities as may be determined by the Board ;

(h)

to do all such other acts and things as are incidental or conducive to the carrying out the objects of the

Corporation.

Read on from s 6