ACT, No. 50 OF 2009

50of2009.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
THE FUTURE WORLD ORGANIZATION
(INCORPORATION) ACT, No. 50 OF 2009
[Certified on 25th September, 2009]
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 September 25, 2009
PRINTEDAT THEDEPARTMENT OFGOVERNMENTPRINTING,SRILANKA
TO BEPURCHASED AT THEGOVERNMENT PUBLICATIONSBUREAU, COLOMBO 5
Price : Rs. 4.00 Postage : Rs. 5.00

The Future World Organization (Incorporation) 1
Act, No. 50 of 2009
[Certified on 25th September, 2009]
L.D.—O. (INC) 33/2007.
ANACT TO INCORPORATE THE FUTUREWORLD ORGANIZATION
WHEREAS an Association called and known as “The Future Preamble.
World Organization” has heretofore been formed at
Katubedda, Moratuwa 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 Future World Short Title.
Organization (Incorporation) Act, No. 50 of 2009.
2. From and after the date of commencement of this Act, Incorporation of
such and so many persons as now are members of the Future the Future World
Organization.
World Organization (hereinafter referred to as “the
Association”) or shall hereafter be admitted, as 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 Future World
Organization”, 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. (1) The general objects for which the Corporation is General objects
constituted are hereby declared to be — of the
Corporation.
(a) to work for a future world for the mankind, with a
better tomorrow that is more cultured and devoid of
2—PL 004217–3,150 (07/2009)
2 The Future World Organization (Incorporation)
Act, No. 50 of 2009
differences and the living standard of which is higher
than that at present ;
(b) to provide relief services and assistance to those
sectors in the society who are at a lower level than
that is expected ; and
(c) to give aid to those who have become victims of
disasters and gone destitute.
(2) The Corporation shall ensure that the implementation
of the objects of the Corporation shall be carried out without
any distinction based on race, religion, language, caste, sex
or political opinion.
Management of 4. (1) The affairs of the Corporation shall, subject to
the affairs of the the provisions of this Act and rules made under section 7 be
Corporation.
administered by a Board of Management consisting of the
President, Secretary, Treasurer and Director for Planning
and Operation elected in accordance with the rules of the
Corporation.
(2) The first Board of Management of the Corporation
shall be the Board of Directors of the Association holding
office on the day immediately preceding the date of
commencement of this Act, who shall hold office until a
new Board of Management is appointed under the rule of
this Act.
Register of 5. The Board of Management shall cause a register of
Members. members to be kept in which names of every person who, on
the day preceding the date of commencement of this Act is a
member of the organization and every person who is duly
admitted as a member of the Corporation shall be entered.
Powers of the 6. Subject to the provisions of this Act, the Corporation
Corporation. shall have the power —
(a) to purchase, acquire, rent, construct and otherwise
obtain lands or buildings which may be required for
the purposes of the Corporation ;
The Future World Organization (Incorporation) 3
Act, No. 50 of 2009
(b) to borrow or raise money from bank and other
Government approved financial institutions ( foreign
and local) and to receive assistance, for the purposes
of the Corporation ;
(c) to make, draw, accept, discount, endorse, negotiate,
buy, sell and issue bills of exchange, cheques,
promissory notes and other negotiable instrument
and to open, operate, maintain and close bank
accounts ;
(d) to invest any funds which are not immediately
required for the purposes of the Corporation, in
such a manner as the Board of Management may
deem fit ;
(e) to solicit and recive subscriptions, grants, donations
and gifts of all kinds ;
(f) to enter into agreements or contracts with any
person, company or body of persons ;
(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 ;
(h) to train personnel in Sri Lanka or abroad for the
purposes of the Corporation ; and
(i) to perform and execute all other acts and things as
are necessary or desirable for the attainment of the
objects of the Corporation.
7. (1) It shall be lawful for the Corporation, from time to Rules of the
time, at any general meeting and by a majority of not less Corporation.
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 and the admission,
withdrawal or expulsion of members ;
4 The Future World Organization (Incorporation)
Act, No. 50 of 2009
(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;
(c) the powers, conduct, duties and functions of the
officers, agents and servants of the Corporation ;
(d) the procedure to be observed for the summoning
and holding of meetings of the Board of
Management of the Corporation, the times, places,
notices and agenda of such meetings, the quorum
therefore and the conduct of business thereat ; and
(e) the administration and management of the property
of the Corporation and the custody of its funds.
(2) Any rules 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) All members of the Corporation shall be subject to the
rules of the Corporation.
Audit of 8. (1) The Financial year of the Corporation shall be
accounts of the the calendar year.
Corporation.
(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
annualy 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 an Institute; or
The Future World Organization (Incorporation) 5
Act, No. 50 of 2009
(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 any other institute
established by law, possesses a certificate to practise
as an Accountant issued by the Council of such
Institute.
9. All debts and liabilities of the Association existing Debts due by
on the day preceding the date of the commencement of this and payable to
the Association.
Act, shall be paid by the Corporation hereby constituted and
all debts due to and all subscriptions, contributions and fees
payable to the Association on that day shall be paid to the
Corporation for the purpose of this Act.
10. The Corporation shall be able and capable in law to Corporation may
acquire and hold any property movable or immovable which hold property
movable or
may become vested in it by virtue of purchase, grant, gift, immovable.
testamentary disposition or otherwise and subject to the rules of
the Corporation made under section 7. All such property 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. All property belonging to the Association on the date
of commencement of this Act shall be vested in the Corporation.
11. The seal of the Corporation shall not be affixed to Seal of the
any instrument whatsoever, except in the presence of such Corporation.
number of persons 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.
12. If upon the dissolution of the Corporation, there Property
remains, after the satisfaction of all debts and liabilities, any remaining on
dissolution.
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 the objects of the Corporation and
which is or are, by the rules thereof prohibited from
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Act, No. 50 of 2009
distributing any income or property among its or their
members. Such Association or Associations shall be
determined by members of the Corporation at, or immediately
before, the time of dissolution of the Corporation.
Saving of the 13. Nothing in this Act contained shall prejudice or affect
rights of the the rights of the Republic of Sri Lanka or of any body politic
Repubilc and
or corporate.
others.
Sinhala text to 14. In the event of any inconsistency between the
prevail in case Sinhala and Tamil texts of this Act, the Sinhala text shall
of inconsistency.
prevail.

The Future World Organization (Incorporation) 7
Act, No. 50 of 2009
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