Zam Trust (Incorporation) Act 2009

This Act may be cited as the Zam Trust

(Incorporation) Act, No. 72 of 2009.

From and after the date of commencement of this

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

Board of Trustees of Zam Trust (hereinafter referred to as the

“Trust”) or 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

“Zam Trust” (hereinafter referred to as “the Corporation”)

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

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

to promote the advancement of education and knowledge, of Muslims and to provide scholarships and any form of financial assistance to needy

to establish, construct and maintain homes for the poor muslims and educational institutes,

to assist the muslim students in studies and other activities ;

to promote, encourage, assist and undertake activities for the relief of poverty and distress caused disasters and natural calamities in relation to muslims ;

to provide basic necessities such as water and electricity to the needy muslims ;

to collect, classify, translate, print, publish and distribute books, journals and magazines related to

to promte, encourage, assist and foster activities for the advancement of communal, national and international understanding, religious harmony, goodwill and peace amongst the muslim people.

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 necessary or desirable for the promotion or furtherance of the objects of the Corporation or anyone of them, including the power to open, operate and close bank accounts, to borrow or raise funds, with or without security, to invest, its funds and to engage, employ and dismiss officers and servants for the carrying out of the object of the

Corporation :

The Trustees of the Board of Trustees of the Trust, holdings the office on the day preceding the date of commencement of this Act, shall with effect from the coming

Zam Trust (Incorporation)

into operation of this Act, be deemed to be the trustees of the

Board of Trustees of the Corporation.

The affairs of the Corporation shall, subject to the rules of the Corporation made under section 7 be administered by the Committee of Management (hereinafter referred to as “Committee”) consisting of the President, the

The members of the Committee of the Trust, holding the office on the day preceding the date of commencement of this Act, shall be deemed to be members of the first Committee.

It shall be lawful for the Corporation from time to time, at any general meeting of the Corporation and by majority of not less than two-thirds of the members present, to make rules not inconsistent with the provisions of this Act or any other written law, for appoinment of the Committee, for the conduct of the duties of the Committee and of the various officers, agents and servants of the Corporation, for the procedure in the transaction of business and otherwise generally for the management of the affairs of the Corporation.

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

The members of the Committee shall be subject to the rules of the Corporation.

The fund of the Corporation shall consist of—

All moneys lying to the credit of the Fund shall be utilized to defray the expenses incurred in the management of the affairs of the Corporation and the accomplishment of its objects.

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.

In this section “qualified auditor ” means —

All debts and liabilities of the Trust existing on the day immediately preceding the date of commencement of this Act shall be paid and discharged by the Corporation

Zam Trust (Incorporation)

hereby constituted and all debts due to and contributions payable to the Trust shall be paid to the Corporation, for the purpose of this Act.

The seal of the Corporation shall be in the custody of the Secretary and may be altered in such manner, as may be determined by the Committee. The seal shall not be affixed to any instrument whatsoever, except with the sanction of the Committee and in the presence of two members of the committee who shall sign the instrument in token of their presence. Such signing shall be independent of the signing of any person as a witness.

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 any 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 Institute or Institutions shall be determined by the members of the

Corporation at or immediately before the dissolution of 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.

Zam Trust (Incorporation)