ACT, No. 29 OF 2014

29of2014.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
VASANTHA SENANAYAKE FOUNDATION
(INCORPORATION) ACT, No. 29 OF 2014
[Certified on 21st August, 2014]
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 August 22, 2014
PRINTEDATTHE DEPARTMENTOFGOVERNMENTPRINTING,SRILANKA
TO BEPURCHASED AT THE GOVERNMENT PUBLICATIONS BUREAU, COLOMBO 5
Price : Rs. 11. 00 Postage : Rs. 50. 00

Vasantha Senanayake Foundation 1
(Incorporation) Act, No. 29 of 2014
[Certified on 21st August, 2014]
L.D.—O.(Inc) 24/2013.
ANACT TO INCORPORATE THE VASANTHA SENANAYAKE FOUNDATION
WHEREAS a Foundation called and known as the “Vasantha Preamble.
Senanayake Foundation” has heretofore been established
in Sri Lanka for the purpose of effectually carrying out its
objects and transacting all matters connected with the said
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 said 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 Vasantha Senanayake Short title.
Foundation (Incorporation) Act, No. 29 of 2014.
2. (1) From and after the date of commencement of this Incorporation of
the Vasantha
Act such and so many persons as now are members of the
Senanayake
“Vasantha Senanayake Foundation” (hereinafter referred to Foundation.
as the “Foundation”) and shall hereafter be admitted as
members of the Corporation hereby constituted, shall be a
body corporate with perpetual succession, under the name
and style of the “Vasantha Senanayake Foundation”
(hereinafter referred to as “the Corporation”), and by that
name may sue and be sued with full power and authority to
have, and use a common seal and to alter the same at its
pleasure.
(2) The Corporation shall be deemed to be a voluntary
social service organization within the meaning, and for the
purpose of the Voluntary Social Services Organizations
2—PL 005730—2,000 (05/2012)
2 Vasantha Senanayake Foundation
(Incorporation) Act, No. 29 of 2014
(Registration and Supervision) Act, No. 31 of 1980 and the
provisions of that Act shall apply to and in relation to the
management of the affairs of the Corporation.
General objects 3. (1) The general objects for which the Corporation is
of the
constituted are hereby declared to be:—
Corporation.
(a) to provide necessary training to any member, officer
or servant of the Corporation who is engaged in
furtherance of the objects of the Corporation;
(b) to provide financial and other material assistance
to children who are unable to pursue their education
due to economic hardship;
(c) to liaise with other local institutions and
organizations having objects similar to those of
the Corporation;
(d) to promote mutual understanding and antional
harmony among the people;
(e) to assist the relevant authorities in creating
awareness among the people of the importance of
preserving the environment; and
(f) to assist the relevant authorities in the maintenance
of libraries and to subscribe for and print, publish
and distribute such journal and souvenirs as are
necessary for the attainment of the objects of the
Corporation.
(2) In the implementation of the objects specified in
subsection (1) the Corporation shall ensure that such
implementation shall be carried out without any distinction
based on race, religion, language, caste, sex, political
opinion, place of birth or any of such grounds.
(3) The implementation of the objects of the Corporation
shall be carried out subject to the provisions of this Act and
other written laws.
Vasantha Senanayake Foundation 3
(Incorporation) Act, No. 29 of 2014
4. The objects of the Corporation shall be carried out in Corporation to
ensure no
such manner so as not to create any conflict between the
conflict with
work of the Corporation and any work being carried out by work of the
the Government or any Provincial Council or any statutory Government or
Provincial
body. Council.
5. (1) Subject to other provisions of this Act the Management
management and administration of the affairs of the of the affairs
of the
Corporation shall be carried out by a Board of Management Corporation.
(hereinafter referred to as “the Board”) consisting of such
number of office bearers as may be specified by the rules
made under section 7.
(2) (a) The Board of the Foundation holding office on the
day immediately preceding the date of commencement of
this Act, shall function as the Board of the Corporation until
the first Board is appointed or elected in the manner provided
for by rules made under section 7.
(b) The first Board of the Corporation shall be appointed
or elected within one year of the date of commencement of
this Act.
(3) (a) Every office bearer of the Board including
the patrons and advisors, shall be appointed or elected for a
period of three years and any such office bearer, patron or
shall be eligible for re-appointment or re-election after lapse
of the said period of three years.
(b) In the event of a vacancy occurring due to the
death, resignation, incapacity or removal from office of an
office bearer, the Board shall having regard to the rules of
the Corporation, elect or appoint a person to fill such
vacancy.
(c) The person elected or appointed under paragraph (b)
shall hold office only for the unexpired portion of the term
of office of the member whom he succeeds.
4 Vasantha Senanayake Foundation
(Incorporation) Act, No. 29 of 2014
Powers of the 6. 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 and matters 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, rent, construct, renovate and otherwise
obtain lands or buildings which may be required for
the pruposes of the Corporation and to deal with or
dispose of the same as may be deemed expedient
with a view to promoting the objects of the
Corporation;
(b) to borrow or raise funds with or without securities
and to receive grants, gifts or donations in cash or
kind:
Provided that, the Board of Management shall
obtain the prior written approval of the Department
of External Resources of the Ministry of the Minister
assigned the subject of Finance, in respect of all
foreign grants, gifts or donations made to the
Corporation;
(c) to make, draw, accept, discount, endorse, negotiate,
buy, sell and issue bills of exchange, cheques,
promissory notes and other negotiable insturments
and to open, operate maintain and close accounts in
any bank;
(d) to invest any funds that are not immediately required
for the purposes of the Corporation, in such manner
as the Board of Management may determine;
(e) to undertake, accept, execute, perform and
administer any lawful turst or any real or personal
property with a view to promoting the objects of the
Corproation;
Vasantha Senanayake Foundation 5
(Incorporation) Act, No. 29 of 2014
(f) to appoint, employ, dismiss or terminate the services
of officers and servants of the Corporation and
exercise disciplinary control over them and to pay
them such salaries, allowances and gratuities as may
be determined by the Corporation according the
relevant written laws;
(g) to organize lectures, seminars and conferences
with a view to promoting the objectives of the
Corporation;
(h) to liaise and co-ordinate with other local and foreign
institutions having similar objects to that of the
Corporation;
(i) to train personnel in Sri Lanka or abroad for the
purposes of the Corporation; and
(j) to do all other things as are necessary or expedient
for the proper and effective carrying out of the
objects of the Corporation.
7. (1) It shall be lawful for the Corporation, from time Rules of the
Corporation.
to time, at any general meeting of the Corporation any 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, admission,
withdrawal, expulsion or resignation of members
and fees payable by the members;
(b) the election of office bearers of the Board or
vacation of or removal from office of office bearers
and the powers, duties and functions of the office
bearers;
(c) the terms and conditions of appointment, powers,
functions and duties of various officers, agents and
servants of the Corporation;
6 Vasantha Senanayake Foundation
(Incorporation) Act, No. 29 of 2014
(d) the procedure to be followed for the summoning
and holding of meetings of the Board or any sub-
committee thereof, notices and agenda of such
meetings, the quorum and the conduct of business
thereat;
(e) the qualifications and disqualifications to be a
member of the Board and the Corporation;
(f) the administration and management of the property
of the Corporation; and
(g) generally the management of the affairs of the
Corpration and the accomplishment of its’ objects
and dissolution of the Corporation.
(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) of this section.
(3) The member of the Corporation shall at all times be
subject to the rules of the Corporation.
(4) The rules made under this section shall be published
in the Government Gazette.
Register of 8. The Board shall maintain a register of members in
members. which name, address and other essential details of the
members shall be inscribed.
Fund of the 9. (1) The Corporation shall have its own Fund.
Corporation.
(2) All moneys received by way of gift, bequest, donation,
subscription, contribution, fees or grants for and on account
of the Corporation shall be deposited in one or more banks
approved by the Board to the credit of the Corporation.
(3) There shall be paid out of the Fund, all sums of money
as are required to defray any expenditure incurred by the
Corporation in the exercise, performance and discharge of its
powers, duties and functions under the Act.
Vasantha Senanayake Foundation 7
(Incorporation) Act, No. 29 of 2014
10. (1) The financial year of the Corporation shall be Accounts and
the calendar year. auditing.
(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
annually by the Auditor General or a qualified auditor
appointed by the Auditor General.
(4) For the purposes of this section "qualified auditor"
means–
(a) 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
(b) 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.
11. (1) The Board shall prepare a report of the activities Annual report.
of the Corproation for each financial year and submit such
report together with the audited statement of accounts to the
Secretary of the Ministry of the Minister assigned the subject
of Social Services and the Registrar of Voluntary Social
Services Organizations appointed under the Voluntary Social
Services Organization (Registration and Supervision) Act,
No. 31 of 1980 before the expiration of six months of the
year succeeding the year to which such report relates.
(2) A separate account relating to the foreign and
local moneys received by the Corporation during the
financial year shall be attached to the report referred to in
subsection (1).
8 Vasantha Senanayake Foundation
(Incorporation) Act, No. 29 of 2014
Debts due by 12. All debts and liabilities of the Foundation existing
and payable to
on the day immediately preceding the date of commencement
the Foundation.
of this Act, shall be paid by the Corporation hereby
constituted and all debts due to and subscriptions and
contributions payable to the Foundation on that day shall
be paid to the Corporation for the purposes of this Act.
Corporation 13. Subject to the provisions of this Act, the Corporation
may hold
shall be able and capable in law to take and hold any property,
property
movable and movable or immovable, which may become vested in it by
immovable. virtue of any purchase, grant, gift, testementary 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 undre section 7, with power
to sell, mortgage, lease, exchange or otherwise dispose of
the same.
Application of 14. The moneys and property of the Corporaton however
moneys and
derived shall be applied solely towards the promotion of the
property.
objects of the Corporation and no portion thereof shall be
paid or transferred directly or indirectly by way of dividend,
bonus or profit to the members of the Corporation.
Seal of the 15. (1) The seal of the Corporation shall not be affixed
Corporation. to any instrument whatsoever, except in the presence of two
member of the Board 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.
(2) The seal of the Corporation shall be in the custody of
an office bearer of the Board as may be decided by such Board.
Property 16. (1) If upon the dissolution of the Corporation there
remaining on remains after the satisfaction of all its debts and liabilities
dissolution.
any property whatsoever, such property shall not be
distributed among the members of the Corporation, but shall
be given or transferred to any other institution having objects
similar to those of the Corporation, and which is by the rules
thereof, prohibited from distributing any income or property
among its members.
Vasantha Senanayake Foundation 9
(Incorporation) Act, No. 29 of 2014
(2) For the purposes of subsection (1) the appropriate
institution shall be determined by the members of
the Corporation immediately before the dissolution at
a general meeting by the majority of votes of the
members present.
17. Nothing in this Act contained shall prejudice or Saving of the
affect the rights of the Republic or any body politic or rights of the
Republic.
corporate.
18. 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 inconsistency.
prevail.

10 Vasantha Senanayake Foundation
(Incorporation) Act, No. 29 of 2014
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