BOARD OF TRUSTEES OF THE LALITH ATHULATHMUDALI EDUCATIONAL TRUST, BALANGODA (INCORPORATION)

BOARD OF TRUSTEES OF THE LALITH ATHULATHMUDALI EDUCATIONAL TRUST, BALANGODA (INCORPORATION)

AN ACT TO INCORPORATE THE BOARD OF TRUSTEES OF THE LALITH ATHULATHMUDALI EDUCATIONAL TRUST, BALANGODA.

Preamble.

WHEREAS a Trust called and known as the Lalith Athulathmudali Educational Trust, Balangoda has heretofore been established at Balangoda for the provision of funds for the achievement of the several objects for which the said Trust was created:.

AND whereas the affairs and objects of the said Trust have heretofore been managed and carried out by a Board of Trustees :

AND whereas the said Board of Trustees 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:

[23^rd October
, 1987 ]

Short title.

1. This Act may be cited as the Board of Trustees of the Lalith Athulathmudali Educational Trust, Balangoda (Incorporation) Act, No. 41 ,of 1987.

Incorporation of the Board of Trustees of the Lalith Athulathmudali Educational Trust, Balangoda.

2. From and after the date of commencement of this Act, the members for the time being of the Board of Trustees of the Lalith Athulathmudali Educational Trust, Balangoda (hereinafter referred to as “the Trust”) shall be a body corporate (hereinafter referred to as “the Corporation”) with perpetual succession under the name and style 0If the” Board of Trustees of the Lalith Athulathmudali Educational Trust, Balangoda” and by that name may sue and be sued in all courts with full power and authority to have and use a common seal and to alter the same at its pleasure.

General objects of the Corporation.

3. The general objects for which the Corporation is constituted are hereby declared to be

(a) to promote educational activities;

(b) to promote the general welfare of the student community in Sri Lanka;

(c) to provide financial assistance and to award scholarships to students permanently residing in the Assistant Government Agents’ divisions of Balangoda and Imbulpe who are unable to pursue higher studies due to economic reasons;

(d) to promote and advance the national arts and crafts giving first preference to the promotion and advancement of such arts and crafts in the Assistant Government Agents’ divisions of Balangoda and Imbulpe ;

(e) to encourage sports activities among the students;

(f) to assist in the development activities of all religious groups with a view to bringing about goodwill and harmony among such groups; and

(g) to do all such other acts and things as are, in the opinion of the Board of trustees, beneficial to the students in the Assistant Government Agents’ divisions of Balangoda and Imbulpe.

Constitution of the Board of Trustees.

(1) The administration, management and control of the Trust shall be vested in the Board of Trustees (hereinafter referred to as U the Board “) consisting of the following members:

(a) a member of Parliament of the Ratnapura District nominated by the Minister in charge of the subject of education with his consent;

(b) the Assistant Government Agent for the administrative division of Balangoda. with his consent;

(d) the Circuit Education Officers of the Balangoda North and South circuits with their consent;

(e) the Circuit Education Officer in charge of Tamil and Muslim schools in the Assistant Government Agents’ divisions of Balangoda and Imbulpe with ,his consent;

(f) the Chairman of the Urban Council of Balangoda with his consent; and

(g) two persons nominated “by the Assistant Commissioner of Co-operative Development of the Ratnapura District from among representatives of Multipurpose Co-operative Societies permanently resident in the Assistant Government Agents’ Divisions of Balangoda and Imbulpe.

(2) The Member of Parliament nominated under paragraph (a) of subsection (1) shall be the Chairman of the Board, and the Assistant Government Agent for the administrative division of Balangoda shall be the Secretary of the Board.

(3) Each member of the Board nominated under paragraph (g) of subsection (1) shall, unless removed fr0m office by the Assistant Commissioner of Co-operative Development, hold office for a period of two years from the date of his nomination and shall be eligible for re-nomination.

(4) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy among the members.

(5) The first Board of the Corporation shall be the Board of the Trust holding office on the day immediately preceding the date of commencement of this Act and shall continue to function until a new Board is constituted under this Act.

(6) The quorum for any meeting of the Board shall be five members.

Powers, duties and functions of the Board.

(1) Subject to the provisions of this Act and any other written law, the Board shall in the name of the Trust, have the power to do all things as are necessary for, or conducive or incidental to, the carrying out of the objects of the Trust.

(2) Without prejudice to the generality of the powers conferred by subsection (1), the Board may exercise and discharge the following powers and functions:

(a) to acquire and hold any property, movable or immovable which may become vested in it by this Act or by virtue of any purchase, grant, gift, devise or otherwise;

(b) to sell, mortgage, lease, or grant, convey, devise, assign exchange or otherwise dispose of any such property;

(d) to open, operate and close bank accounts and to borrow or raise money with the property of the Fund as security, or without such security, for the purposes of the Fund;

(e) to raise funds and receive grants, gifts or donations in cash or kind; and

(f) to do all such other acts and things as are incidental or conducive to the carrying out of the objects of the Corporation.

Fund of the Trust.

(1) The Fund of the Trust shall consist of

(a) all moneys lying to the credit of the Trust on the day immediately preceding the date of commencement of this Act; 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 shall be utilised to defray the expenses incurred in the management of the affairs of the Corporation and the accomplishment of its objects.

Debts due by and payable to the Trust.

7. All debts and liabilities of the Trust existing on the day immediately preceeding the date of commencement 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 Trust shall be paid to the Corporation for the purpose of this Act.

Seal of the Corporation.

8. The seal of the Corporation shall be in the custody of the Secretary and may be altered in such manner as may be determined by the Board. The seal shall not be affixed to any instrument whatsoever, except with the sanction of the Board and in the presence of two members of the Board who shall sign the instrument in token of their presence. Such signing shall be independent of the signing of any person as a witness.

Rules of the Corporation.

(1) The Board may from time to time, at a general meeting and by a majority of votes of not less than two-thirds of the members present and voting thereat, make rules, not inconsistent with the provisions of this Act, or any other written law, in respect of all or any of the following matters:

(a) the award of scholarships and the provisions of financial assistance to the students referred to in section 3(c).

(b) the procedure to be followed in the transaction of business at meetings of the Board;

(d) the defrayal of such expenses as may be incurred by the Board for the purpose of carrying out the objects of the Trust;

(e) the management of the affairs of the Trust and the accomplishment of its objects;

(f) the administration and management of the property of the Trust, the custody of its funds and the maintenance and audit of its accounts;

(g) the keeping of accounts, the deposit of moneys and the custody of documents; and

(h) any other matter connected with or incidental to the objects of the Corporation.

Such rules when made may at a like meeting and in like manner, be altered, added to, amended or rescinded

(2) The members of the Board shall be subject to the rules for the time being, of the Trust.

Saving of the rights of the Republic and others.

10. Nothing in this Act contained shall, prejudice or affect the rights of the Republic or of any body politic or corporate or of any other persons, except such as are. mentioned in this Act and those claiming by, from or under them.