Institute of Management of Sri Lanka (Incorporation)

Institute of Management of Sri Lanka (Incorporation)

WHEREAS an Institute- called and known as ” The Institute of Management of Sri Lanka ” has heretofore been established in Sri Lanka for the purpose of effectually carrying out and transacting all objects and matters connected with the said Institute according to the rules and by-laws agreed to by its members:

AND whereas the said Institute 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:

[17th December
, 1988
Short title.

1. This Act may be cited as the Institute of Management of Sri Lanka (Incorporation) Act, No. 67 of 1988.

Incorporation of the Institute of Management of Sri Lanka.

2. From and after the date of commencement of this Act, such and so many persons as now are members of the Institute of Management of Sri Lanka (hereinafter referred to as “the Institute’), 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 style and name of ” The Institute of Management of Sri Lanka “, 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 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 promote professional management among its members, by furthering, through its own activities and those of its member Institutions and Organizations, research, education, discussions, training and development, in fields of Management;

(b) to collaborate and liaise with, and to promote the interests, activities and function of, Institutions representing the various functional disciplines of Management;

(c) to assist in the formation and development of Institutions in fields of Management which are not represented in the country;

(d) to foster public interest in, and to increase public awareness of, the importance of effective Management for the development of Sri Lanka ;

(e) to broadbase and make representative, the policy-making and decision-making structures of the Corporation, by encouraging membership of bodies representing the various disciplines of Management;

(f) to establish a secretariat for the promotion of the objects of the Corporation and the conduct of its business and activities;

(g) to formulate a code of professional conduct for its members and to promote its observance by such members;

(h) to establish and promote representational links with Regional and International bodies connected with, the Management function;

(i) to undertake activities that will encourage fellowship and a sense of identity and community among the members of the Corporation ;

(j) to conduct courses and examinations in Management; and

(k) to take such other measures as may be necessary for the accomplishment of all or any of the objects of the Corporation.

General 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 borrow or raise moneys, with or without security, to receive or collect grants and donations, to invest its funds, and 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.


(1) The affairs of the Corporation shall, subject to the rules of the Corporation, be administered by a Council consisting of the officers and such other persons as may be provided for in such rules and elected in accordance there with.

(2) The first Council of the Corporation shall be the Council of the Institute holding office on the day prior to the date of commencement of this Act.

Rules of the corporation.


(1) It shall be lawful for the Corporation, from time to time, at a special general meeting of the members and by a majority of at least two-thirds of the members voting, to make rules, not inconsistent with the provisions of this Act or any other written law, for the admission, withdrawal, or expulsion of members, for the classification of members and their entitlement to vote at meetings, for the conduct of the duties of the Council and of the various officers, agents and servants of the Corporation, for the procedure to be followed in the transaction of business, and otherwise generally, for the management of the affairs of the Corporation and the accomplishment of its objects. Such rules when made may, at a like meeting and in like manner be altered, added to, amended, or cancelled.

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

Debt due by and payable to the Institute.

7. All debts and liabilities of the Institute 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, and subscriptions and contributions payable to, the Institute on the said day shall be paid to the Corporation.

Power of the Corporation to hold property.

8. The Corporation shall be able and capable in law to acquire and hold any property, movable or immovable, upon or by virtue of, any instrument of purchase, grant, gift or lease, or upon or by virtue of, any 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 for the time being of the Corporation, with full power to sell, mortgage, lease, exchange or otherwise dispose of, encumber or charge, the same.

Professional Standards.

9. The Corporation shall have the power to take such other steps not inconsistent with this Act or any other written law as may be necessary, from time to time, for the maintenance of professional standards and discipline among its members.

Seal of the Corporation.

10. The seal of the Corporation shall be in the custody of the secretary and shall not be affixed to any instrument whatsoever except, with the authority of the Council previously obtained and in the presence of two office bearers, nominated by the Council 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.

Limitation of liability of members.

11. 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 such subscription as may be due from him to the Corporation.

Saving of the rights of the Republic and others

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