ACT, NO. 2 OF 2008
[Certified on 23rd January, 2008]
Printed on the Order of Government
Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of January 25, 2008
Price : Rs. 7.00 Postage : Rs. 5.00

Sri Saranankara Development Foundation 1
(Incorporation) Act, No. 2 of 2008
[Certified on 23rd January 2008]
L.D.—O. (Inc.) 21/2004
WHEREAS an Association called and known as Preamble.
“Sri Saranankara Development Foundation” has heretofore
been formed at Baddegama in Sri Lanka for the purpose of
effectually carrying out and transacting all objects and matters
connected with the said Association according to the rules
agreed to by its members :
AND WHEREAS the said Association has heretofore
successfully carried out and transacted the 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
such 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 Saranankara Short Title.
Development Foundation (Incorporation) Act, No. 2 of 2008.
2. From and after the date of commencement of this Act, Incorporation
of the Sri
such and so many persons as now are the members of the “Sri
Saranankara Development Foundation” (hereinafter referred Development
to as “the Foundation”) or shall hereafter be admitted Foundation.
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 “Sri
Saranankara Development Foundation” and by that name
may sue and be sued, with full power and authority to have,
and use a common seal and alter the same at its pleasure.
3. The general objects for which the Corporation is General
constituted are hereby declared to be — objects of the
(a) to upgrade the economic and social conditions of
the members of the Sri Saranankara Foundation;
2 —PL 001612—3,250 (11/2006)
2 Sri Saranankara Development Foundation
(Incorporation) Act, No. 2 of 2008
(b) to uplift the living conditions of the people and to
develop the practices of the thrift;
(c) to upgrade the economic and social conditions of
the disabled;
(d) to encourage the members of the Foundation to
engage in self-employment;
(e) to establish and maintain libraries for uplifting the
standards of children and elders;
(f) to collaborate or participate with any other
institution or organisation, whether foreign or local
having objects similar to those of the Corporation;
(g) to sponsor and conduct conferences, seminars,
workshops, group studies and lectures in Sri Lanka
and elsewhere; and
(h) to print, publish and distribute books, journals,
leaflets, newspapers and magazines which the
Corporation may consider desirable for the
promotion and advancement of its objects.
Powers of the 4. Subject to the provisions of this Act, and any other
Corporation. 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—
(a) to purchase, acquire, rent, construct or otherwise
obtain, lands or buildings which may be required
for the purposes of the Corporation;
(b) to receive grants, gifts or donations, in cash kind
whether from local or foreign sources;
Sri Saranankara Development Foundation 3
(Incorporation) Act, No. 2 of 2008
(c) to erect or cause to be erected, any building or
structure on any land belonging to, or held by, the
(d) to make, draw, accept, discount, endorse, negotiate,
buy, sell and issue bills of exchange, cheques,
promissory notes and other negotiable instruments
and to open, operate, maintain and close current
savings and deposit accounts in any bank;
(e) to invest any funds not immediately required for
the purposes of the Corporation in such manner as
the Board may think fit;
(f) to undertake, accept, execute, perform and
administer any lawful trusts and conditions affecting
any movable or immovable property;
(g) to appoint, employ, dismiss or terminate the services
of officers and servants of the Corporation and to
pay them such salaries, allowances and gratuities as
may be determined by the Corporation ; and
(h) to train personnel in Sri Lanka for the purposes of
the Corporation.
5. (1) The affairs of the Corporation shall, subject to the Management
of the affairs
other provisions of this Act, be administered by a Board of
of the
Management (hereinafter referred to as the “Board”) Corporation.
consisting of the office bearers and such other persons as f
may be provided for in the rules made under section 8, and
elected in accordance therewith.
(2) The first Board of the Corporation shall consist of
the members of the Board of Management of the Society
holding office on the day immediately preceding the date of
commencement of this Act
4 Sri Saranankara Development Foundation
(Incorporation) Act, No. 2 of 2008
Register of 6. (1) The Board shall cause to be maintained a register
in which every person who on the date of commencement of
this Act, is a member of the Corporation, and thereafter only
a person admitted a member of the Corporation shall have
inscribed in such register his name.
(2) The register shall contain the following
(a) name, address and occupation of the each member
of the Corporation;
(b) the date on which the name of the member was
inscribed in the register;
(c) the date on which any person ceased to be a member.
Cancellation of 7. Cancellation of membership may cause due to one of
membership. the following reasons:—
(a) at the death of the member;
(b) resignation;
(c) mental disorder;
(d) violation of any rules.
Rules of the 8. (1) It shall be lawful for the Corporation, from time
Corporation. to time, at any General Meeting 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 classification of membership, the admission,
withdrawal or expulsion of members ;
(b) the election of the office bearers, the resignation
from , or vacation of, or removal from, office of office
bearers, and their powers, conduct and duties ;
Sri Saranankara Development Foundation 5
(Incorporation) Act, No. 2 of 2008
(c) the election of the members of the Board and their
powers, conduct and duties, and the terms of office
of members of the Board:
(d) the powers, conduct, duties and functions of the
various officers, agents and servants of the
(e) the procedure to be observed and the summoning
and holding of meetings of the Board the times,
places, notices and agenda of such meetings, the
quorum thereof and the conduct of business thereat;
(f) 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 to, or rescinded at a like meeting and in like
manner as a rule made under subsection (1).
(3) The members of the Corporation shall be subject to
rules of the Corporation.
9. (1) The Corporation shall have its own fund and all Fund of the
monies heretofore or hereafter received by way of gift, bequest, Corporation.
donation, subscription, fees or grants for and on account of
the Corporation shall be deposited to the credit of the
Corporation in one or more banks as the Board of
Management shall determine.
(2) There shall be paid out of the funds, any expenditure
incurred by the Corporation in the exercise, perfomance and
discharge of its powers, duties and functions under this Act.
10. All debts and liabilities of the Foundation existing Debts due by
on the day immediately preceding the date of commencement and payable to
of this Act, shall be paid by the Corporation hereby
constituted and all debts due to, subscriptions and
contributions payable to, the Foundation on that day shall
be paid to the Corporation for the purpose of this Act.
6 Sri Saranankara Development Foundation
(Incorporation) Act, No. 2 of 2008
Accounts and 11. (1) The financial year of the Corporation shall be
Audit. the calendar year.
(2) The Corporation shall cause proper accounts, to be
kept of its income and expenditure, assets and liabilities and
all other transactions of the Corporation.
(3) The accounts of the Corporation shall be audited by
a qualified auditor.
(4) In this section, “qualified auditor means—
(i) 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 an Accountant issued by
the Council of such Institute; or
(ii) a firm of Accountants each of the resident partners
of which 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 an Accountant issued by the Council
of such Institute.
Corporation, 12. The Corporation shall be able and capable in law,
may hold to acquire and hold any property, movable or immovable
which may become vested in it by virtue of any purchase,
movable and
immovable. grant, gift, testamentary disposition or otherwise, and all such
property shall be held by the Corporation for the purpose of
this Act and subject to the rules of the Corporation made
under section 8 with full power to sell, mortgage, lease,
exchange or otherwise dispose of the same.
Seal of the 13. The seal of the Corporation shall not be affixed to
Corporation. any instrument whatsoever except in the presence of the
Chairman and the Honorary Secretary or the Honorary
Treasurer 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.
Sri Saranankara Development Foundation 7
(Incorporation) Act, No. 2 of 2008
14. If upon the dissolution of the Corporation there Property
remains after the satisfaction of all its debts and liabilities, remaining on
any property whatsoever, such property shall not be
distributed among the members of the Corporation but shall
be given or transferred to some other Association or
Associations having objects similar to those of the
Corporation, and which is or are by the rules there of
prohibited from distributing any income or property among
its or their members. Such Association or Associations shall
be determined by the Board at, or immediately before, the
dissolution of the Corporation.
15. Nothing in this Act contained shall prejudice or Saving of the
affect the rights of the Republic, or of any body politic or rights of the
Republic and
16. In the event of any inconsistency between the Sinhala text to
Sinhala and Tamil texts of this Act, the Sinhala text shall prevail in case of

8 Sri Saranankara Development Foundation
(Incorporation) Act, No. 2 of 2008
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December each year in respect of the year following.