06of2007.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
—————————
SRI SARANANDA DEVELOPMENT
FOUNDATION (INCORPORATION)
ACT, NO. 06 OF 2007
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[Certified on 08th March, 2007]
Printed on the Order of Government
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Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of March 09, 2007
PRINTEDATTHE DEPARTMENTOFGOVERNMENTPRINTING,SRI LANKA
TOBEPURCHASED ATTHEGOVERNMENTPUBLICATIONSBUREAU,COLOMBO1
Price : Rs. 6.75 Postage : Rs. 5.00

Sri Sarananda Development Foundation 1
(Incorporation) Act, No. 06 of 2007
[Certified on 08th March, 2007]
L. D.—O. INC 01/2005.
ANACT TO INCORPORATE THE SRI SARANANDA
DEVELOPMENT FOUNDATION
WHEREAS A Foundation called and known as the “Sri Preamble.
Sarananda Development Foundation” has heretofore been
established for the purpose of effectually fulfilling and
carrying out the 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 several objects and
matters for which it was formed 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 :—
1. This Act may be cited as the Sri Sarananda Short title.
Development Foundation (Incorporation) Act, No. 06 of
2007.
2. From and after the date of commencement of this Act, Incorporation of
such and so many persons as now are members of the the Sri
Sarananda Development Foundation (hereinafter referred to Sarananda
Development
as the “Foundation”), and such other persons as shall hereafter
Foundation.
be admitted as members of the Corporation herby constituted,
shall be a body corporate with perpetual succession, under
the name and style of the Sarananda Development Foundation
(hereinafter referred to as the “Corporation”) and by that name
may sue and be sued in all courts, with full power and authority
to have, and to use, a common Seal and to alter the same at its
will and pleasure.
3. The general objects for which the Corporation is General objects
constituted are hereby declared to be— of the
Corporation.
2—P L –001518-5,400 (2006/10)
2 Sri Sarananda Development Foundation
(Incorporation) Act, No. 06 of 2007
(a) to fulfil the economic, social and cultural needs of
the members of the Foundation and to provide for
welfare facilities ;
(b) to preserve and reconstruct the Gangarama Maha
Viharaya and maintain and develop the Sri Sarananda
Pirivena, Religious School, Nursery and Vocational
Training Section ; and
(c) to effect repairs to the old structures of the Gangarama
Maha Vihara, specifically the shrine room, the three
storied sermon hall, the Seema Mandira and Hall of
Residence, to construct buildings to suit new
requirements within the premises to improve the
places of worship, and to make neccessary
arrangements for the preservation and beautification
of the land.
Management of 4. (1) The management of the affairs of the Corporation
the affairs of the shall, subject to the other provisions of this Act and the rules
Corporation. of the Corporation made under section 7, be administered by
an Executive Committee consisting of the Chairman, Vice
Chairman, the Secretary, Assistant Secretary, the Treasurer
and not less than five other members elected in accordance
with such rules.
(2) The first Executive Committee of the Corporation
shall consist of the members of the Executive Committee of
the Foundation, holding office on the day preceeding the
date of commencement of this Act.
General powers 5. Subject to the provisions of this Act and any other
of the written law, the Corporation shall have the power—
Corporation.
(a) 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;
(b) to sell, mortgage, lease, exchange or otherwise dispose
of any such property ;
Sri Sarananda Development Foundation 3
(Incorporation) Act, No. 06 of 2007
(c) to appoint, employ, remunerate, exercise disciplinary
control over and dismiss, such officers and servants
as may be neccessary for the purpose of carrying out
the objects of the Corporation ;
(d) to receive grants, gifts or donations in cash or kind
whether from local or foreign sources ;
(e) to open, maintain, operate and close bank accounts
and to borrow or raise money with or without
security;
(f) to invest moneys belonging to the Corporation in
such securities as may be determined by the Executive
Committee ; and
(g) to do all such other acts and things as are incidental
or conducive to the carrying out of the objects of the
Corporation.
6. (1) The Fund of the Corporation shall consist of— Fund of the
Corporation.
(a) all moneys lying to the credit of the Foundation on
the day immediately preceding the date of
commencement of this Act which shall stand
transferred to the Corporation with effect from that
date ; and
(b) all moneys that may accrue to the Corporation after
the date of commencement of this Act.
(2) All moneys lying to the credit of the Fund of the
Corporation shall be utilized to defray the expenses incurred
in the management of the affairs of the Corporation and the
accomplishment of its objects.
7. (1) It shall be lawful for the Corporation from time to Rules of the
time at any General Meeting of the Corporation and by a Corporation.
majority of not less than two-thirds of the members present
and voting, to make rules not inconsistent with the provisions
of this Act and any other written law, in respect of the
following matters:—
4 Sri Sarananda Development Foundation
(Incorporation) Act, No. 06 of 2007
(a) the election, appointment or nomination of the
members of the Executive Committee and their powers
and duties and terms of office ;
(b) the powers, duties and functions of the officers,
agents and servants of the Corporation ;
(c) the procedure to be observed in the summoning and
holding of meetings of the Executive Committee,
the fixing of the time and place and finalising the
notice and agenda of such meetings, specifying the
quorum therefor and the conduct of business thereat;
(d) the qualifications and disqualifications for
membership of the Executive Committee and of the
Corporation ;
(e) the administration and management of the property
of the Corporation, the custody of its funds and
maintenance and audit of its account ; and
(f) generally for the management of the affairs of the
Corporation and the accomplishment of its objects.
(2) Any rule made under subsection (1) may at a like
meeting and in like manner be amended, altered, added to or
rescinded.
(3) The members of the Corporation shall be subject to
the rules for the time being of the Corporation.
Accounts and 8. (1) The financial year of the Corporation shall be the
Auditing. calendar year.
(2) The Executive Committee of the Corporation shall
cause proper books of accounts to be kept of the income and
expenditure of the Corporation.
(3) The accounts of the Corporation shall be audited by
a qualified auditor appointed by the Executive Committee
of the Corporation.
Sri Sarananda Development Foundation 5
(Incorporation) Act, No. 06 of 2007
9. The income and property of the Corporation however Application of
derived shall be applied solely towards the promotion of the income and
property of the
objects as set forth herein and no portion thereof shall be Corporation.
paid or transferred directly or indirectly by way of dividend,
bonus or otherwise by way of profit to the members of the
Corporation.
10. All debts and liabilities of the Foundation existing Debts due by
on the day immediately preceding the date of commencement and payable to
the Foundation.
of this Act shall be paid and discharged by the Corporation
hereby constituted and all debts due to, and subscriptions
and contributions payable to the Foundation on such day
shall be paid to the Corporation for the purpose of this Act.
11. The Seal of the Corporation shall be in the custody Seal of the
of the Secretary and it shall not be affixed to any instrument Corporation.
whatsoever, except in the presence of the Secretary and the
Chairman 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.
12. Nothing in this Act contained shall prejudice or Saving of the
affect the rights of the Republic or any body corporate or any rights of the
other persons except such as are mentioned in this Act and Republic and
others.
those claiming by, from, or under them.
13. In the event of any inconsistency between the Sinhala text
Sinhala and Tamil texts of this Act, the Sinhala text shall to prevail in
case of
prevail. inconsistency.

6 Sri Sarananda Development Foundation
(Incorporation) Act, No. 06 of 2007
Annual subscription of English Bills and Acts of the Parliament Rs. 885 (Local), Rs. 1,180
(Foreign), payable to the SUPERINTENDENT, GOVERNMENT PUBLICATIONS BUREAU, NO. 32, TRANSWORKS
HOUSE, LOTUS ROAD, COLOMBO 01before15th December each year in respect of theyear following.
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