ACT, No. 76 OF 2009

76of2009.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
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SAMODA FOUNDATION
(INCORPORATION) ACT, NO. 76 OF 2009
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[Certified on 23rd December, 2009]
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 December 24, 2009
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Samoda Foundation (Incorporation) 1
Act, No. 76 of 2009
[Certified on 23rd December, 2009]
L. D. —O. (Inc.) 7/2008
ANACT TO INCORPORATE THE SAMODA FOUNDATION
WHEREAS an Foundation called and known as the “Samoda Preamble.
Foundation” has heretofore been established for the purpose
of effectually carrying out and transacting all matters
connected with the said Foundation according to the rules
agreed to by its members:
AND WHEREAS the said Foundation has applied to be
incorporated and it will be for the benefit of the public 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 Samoda Foundation Short title.
(Incorporation) Act, No. 76 of 2009.
2. From and after the date of commencement of this Act, Incorporation
such and so many persons as now are members of the “Samoda of the
Foundation” (hereinafter referred to as the “Foundation”) or Samoda
Foundation.
shall hereafter be admitted as members of the Corporation
hereby constituted, shall be and become a body corporate
(hereinafter referred to as “the Corporation”), with perpetual
succession under the name and style of the “Samoda
Foundation” and by that name may sue, and be sued, with
full power and authority to have, and use, a common seal and
the alter same at its pleasure.
3. The general objects for which the Corporation is General
constituted are hereby declared to be— objects of the
Corporation.
(a) to provide basic facilities to the needy people;
(b) to provide necessary facilities to students who are
studying amidst financial and other material
hardships;
2 —PL 004489—3,090 (10/2009)
2 Samoda Foundation (Incorporation)
Act, No. 76 of 2009
(c) to provide seeds, fertilizer, agricultural equipments
and to develop agriculture, and livestock; and
(d) to assist the people without housing facilities to
build houses and to obtain loans for that purpose.
Management of 4. (1) The affairs of the Corporation shall, subject to
the affairs of the the rules made under section 6 be administered by a Board of
Corporation. Directors consisting of the Chairman, Deputy Chairman,
Secretary, Assistant Secretary, Treasurer, Chief Organizer and
one Committee Member.
(2) The first Board of Directors of the Corporation shall
be the Board of Directors of the Foundation, holding office
on the day immediately preceding the date of commencement
of this Act.
General 5. Subject to the provisions of this Act and any other
objects of the written law, the Corporation shall have the power to open,
Corporation.
operate and close bank accounts and to borrow and obtain
loans with or without security, to receive and collect grants
and donations, to invest its funds necessary for the fulfillment
of objects of the Corporation to employ and dismiss officers
and employees of the Corporation, and to perfrom any
other act necessary for the promotion of objects of the
Corporation.
Rules of the 6. (1) It shall be lawful for the Corporation from time to
Corporation. time at any Annual General meeting of the Corporation 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 any one of
the following matters:—
(a) the classification of membership, fees payable by
each class of members, their admission, expulsion
or resignation;
Samoda Foundation (Incorporation) 3
Act, No. 76 of 2009
(b) the election of office-bearers, the resignation from,
or vacation of or removal from office of office-bearers
and their power, conduct and duties;
(c) the powers, conduct and functions of the various
officers, agents and servants of the Corporation;

(d) the procedure to be observed at the summoning and
holding of meetings of the Corporation and of the
Board of Directors, the time, place notice and agenda
of such meetings, the quorum thereof and the
conduct of business threat;
(e) the qualifications and disqualifications for
membership of the Board of Directors of the
Corporation;
(f) the administration and management of the property
of the Corporation; and
(g) generally for the management of the affairs of the
Corporation.
(2) The rules of 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 members of the Corporation shall be subject to
the rules of the Corporation.
7. All debts and liabilities of the Foundation existing Debts due and
on the day preceding the date of commencement of this Act payable to the
shall be paid or discharged by the Corporation and all debts Foundation.
due to and subscriptions and fees payable to the Foundation
on the day shall be paid to the Corporation for the purpose of
this Act.
4 Samoda Foundation (Incorporation)
Act, No. 76 of 2009
Corporation may 8. The Corporation shall be capable in law to accept
hold property
movable or and hold any movable or immovable property which may be
immovable. vested in it by virtue of any purchase, grant, gift, testamentary
disposition or otherwise and all such property shall be held
by the Corporation for the purpose of this Act, with power to
sell, mortgage, lease, exchange or otherwise dispose of the
same.
Fund of the 9. (1) The Corporation shall have its own fund and all
Corporation. money received by way of gift, testamentary disposition,
transfer, donation, contributions, or fees shall be deposited
in the name of the Corporation one or more banks as may be
determined by the Board of Directors.
(2) All expenses incurred by the Corporation in the
exercise, performance and discharge of its powers, duties and
functions under this Act, shall be paid out of the Fund.
Property 10. If upon the dissolution of the Corporation, there
remaining on remains any property and all its debts and liabilities are settled,
dissolution.
such properties shall not be distributed among the members
of the Corporation. Such properties shall be given over or
transferred to other institution or institutions whose
objectives are similar to the objectives of this Corporation
and that have rules that prevent any income or property from
being distributed among the membership. Such institution
or institutions shall be determined by the Members of the
Corporation at, or immediately before, the time of dissolution
of the Corporation.
Audits and 11. (1) The financial year of the Corporation shall be
accounts.
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.
Samoda Foundation (Incorporation) 5
Act, No. 76 of 2009
(3) The accounts of the Corporation shall be audited by a
qualified Auditor.
(4) In 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 and possesses a
certificate to practise 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 practise
as an accountant issued by the Council of such
Institute.
12. The seal of the Corporation shall not be affixed to How the seal of
any instrument whatsoever, except in the presence of the the Corporation
is to be affixed.
Chairman or Secretary 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.
13. Nothing in this Act contained shall prejudice or affect Saving of the
the rights of the Republic or of any body, politic or corporate. rights of the
Republic and
others.
14. In the event of any inconsistency between the Sinhala Sinhala text to
and the Tamil texts of this Act, the Sinhala text shall prevail. prevail in case of
inconsistency.

6 Samoda Foundation (Incorporation)
Act, No. 76 of 2009
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