S.d.bandaranaike Foundation (Incorporation)

Link to law: http://www.lawnet.lk/process.php?st=2004Y0V0C3A&hword=%27%27&path=2
Published: 2004

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S.D.Bandaranaike Foundation (Incorporation)
S.D.Bandaranaike Foundation (Incorporation)




AN ACT TO INCORPORATE THE S. D. BANDARANAIKE FOUNDATION






Preamble.
WHEREAS a Foundation called and known as the S. D. Bandaranaike Foundation has heretofore been established in Sri Lanka for the purpose of effectually carrying out and transacting all objects and matters connected with the said Foundation according to the rules agreed to by its members ;



AND WHEREAS the said Foundation has heretofore successfully carried out and transacted the several objects and matters for which it was established and has applied to be incorporated, and it will be for the public advantage to grant the application :



BE it therefore enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :



[6th January

, 2004 ]













Short title.



1. This Act may be cited as the S. D. Bandaranaike Foundation (Incorporation) Act, No. 3 of 2004.



Incorporation of the S. D. Bandaranaike Foundation.



2. From and after the date of commencement of this Act, such and so many persons as presently are members of the S. D. Bandaranaike Foundation (hereinafter referred to as the "Foundation") or shall hereafter be admitted members of the Corporation hereby constituted shall be a body corporate (hereinafter referred to as the "Corporation") with perpetual succession under the name and style of the S, D. Bandaranaike Foundation, and by that name may sue and be sued in all Courts with full power and authority to have and use a common seal and to alter the same at its pleasure.



General objects of the Corporation.



3. The general objects for which the Corporation is constituted are hereby declared to be-





(a) to organise the educational activities and pre training programmes to those who had no education, such as poor children and the young ;



(b) to lead the nation to the global peace based on the Buddhist principles and coexistence and to provide intelligent development through it ;



(c) to train the youth labour for the welfare of the common man ;



(d) to encourage the fanners and establishment of youth farmers organizations ;



(e) to draw the special attention of the youth for training in vocational education and in the field of sports ;



(f) to conduct seminars, lectures and exhibitions and to organize educational tours ;



(g) to establish and maintain libraries ;



(h) 10 protect persons who are engaged in indigenous medicine for generations and the herbal plants ;



(i) to do all such other acts, deeds, mailers and things as are incidental or conducive to the attainment of the objectives of the Foundation.



Powers of the Corporation.



4. 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 are necessary or desirable for the promotion or furtherance of the objects of the Corporation or any one of them including the power to open, operate and close bank accounts, to enter into all contracts directly or through a representative as may be necessary, to borrow or raise money with or without security, to receive or collect grants and donations and payment of interests thereto, to invest its funds in local and foreign investments with the view of raising funds of the Corporation, to engage, employ and dismiss officers and servants required for the carrying out of the objects of the Corporation.



Management of the affairs of the Corporation.



5.





(1) The management of the affairs of the Corporation shall subject to the rules of the Corporation, be administered by an Executive Council (hereafter referred to as the "Council") consisting of President. Vice President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer and six office bearers and such number of members as may be provided for in such rules and elected in accordance therewith.



(2) The first Council of the Corporation shall be the Council of the Foundation holding office on the day preceding the dale of commencement of this Act.



Rules of the Corporation.



6.





(1) It shall be lawful for the Corporation from time to time at any general meeting of the Corporation and by a majority 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 :-







(a) the admission, classification of membership, withdrawal or expulsion of members ;



(b) the election of office bearers, the resignation from or vacation of or removal from office of, office bearers, remuneration of office bearers and their powers, conduct and duties ;



(c) the election of the members of the Council and its powers, conduct and duties and the terms of office of the members of the Council ;



(d) the powers, conduct, duties and functions of the various officers, agents and servants of the Corporations ;



(e) the procedure to be observed, and the summoning and holding of meetings of the Council, the times, places, notices and agenda of such meetings, the quorum therefore and conduct of business thereat:



(f) the administration and management of the property of the Corporation ; and



(g) generally for the management of the affairs of the Corporation and the accomplishment of its objects



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



(3) The rules of the Foundation in force on the day immediately preceding the date of commencement of this Act, shall insofar as they are not inconsistent with the provisions of this Act. or any other written law, be deemed to be rules of the Corporation made under this section.



(4) The members of the Corporation shall be subject to the rules of the Corporation.



Debts due by and payable to the Foundation.



7. All debts and liabilities of the Foundation existing on the day preceding the date of commencement of this Act shall be paid by the Corporation hereby constituted and all debts due to subscriptions and Contributions payable to the Foundation on the day shall be paid to the Corporation, for the purpose of this Act.



Corporation may hold property movable and immovable.



8. 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, grant, gift, testamentary disposition or otherwise, and all such properly shall be held by the Corporation for the purposes of this Act with full power to sell, mortgage, lease, exchange or otherwise dispose of the same.



Seal of the Corporation.



9. The seal of the Corporation shall not be affixed to any instrument whatsoever except in the presence of such number of office bearers as may be provided for in the rules of the Corporation who shall sign their names to the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.



Saving of the rights of the Republic and others.



10. Nothing in this Act contained shall prejudice or affect the rights of the Republic or any body corporate or any other persons except such as are mentioned in this Act and those claiming by, from, or under them.



Sinhala text to prevail in case of inconsistency.



11. In the event of any inconsistency between the sinhala and Tamil texts of this Act, the Sinhala text shall prevail.