9. Corporation may hold property movable or immovable

The Corporation shall be able and capable in law to acquire and hold any property, movable or immovable, which may become vested in it by virtue of any purchase, testamentary disposition or otherwise, and all such property shall be held by the Corporation for the purposes of this Act and subject to the rules of the Corporation with power to sell, mortgage, lease, exchange or otherwise dispose of the same.

16. (1) The financial year of the Corporation shall be the calendar year.

Audit and accounts.

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Malwathu Maha Vihariya Tibbatuwawe

Sri Siddhartha Sumangala Benevolent Foundation

(Incorporation) Act, No. 29 of 2008

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—

an individual who being a member of the Institute of Chartered Accountants of Sri Lanka, or of any other Institute established by law, possesses a certificate to practice as and Accountant issued by the Council of such Institute ; or

a firm of Accountants each of the resident partners of which, being a member of the Institute of Chartered