Buddha Sasana Fund

(1) There shall be established a Fund to be called the ” Buddha Sasana Fund” (hereinafter referred to as the “Fund”).

(2) The Fund shall, by the name assigned to it by subsection (1), be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in such name.

(1) The administration, management and control of the Fund shall be vested in a Board of Governors constituted as hereinafter provided.

(2) The Board of Governors of the Fund (hereinafter referred to as the ” Board “) shall consist of”

(3) The President may in his absolute discretion revoke the appointment of any member appointed by him under paragraph (f) of subsection (2).

(4) Any member of the Board appointed under paragraph (f) of subsection (2) may at any time resign from the Board by a letter in that behalf addressed to the President and such resignation shall take effect upon it being accepted by the President in writing.

(5) The Board may regulate the procedure in regard to its meetings and the transaction of business at such meetings.

(6) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of a vacancy among its members or any defect in the appointment of a member thereof.

(7) If the President is a member of the Board he shall be the Chairman of the Board. If he is not a member of the Board the person nominated by him under subsection (2) (a) of section 3 shall be the Chairman of the Board.

(1) There shall be an Advisory Committee consisting of the following :-

(2) The Chairman of the Advisory Committee shall be elected by the Mahanayaka There as referred to in para graphs (a), (b), (c), and (d) of subsection (1) from among themselves, and shall hold office for two years from the date of such election and shall be eligible for re-election to the office of Chairman.

(3) A member appointed by the President under paragraph (g) of subsection (1) shall hold office for a period of two years unless he earlier vacates office by death, resignation or is removed from office by the President.

(4) The President may at any time remove a member appointed under paragraph (g) of subsection (1) without assigning any reason therefor and appoint another member in his place for the unexpired period of office of the person so removed.

(5) Any member of the- Advisory Committee appointed under paragraph (o.) of subsection (1) may at any time resign from the Board by a letter in that behalf addressed to the President and such resignation shall take effect upon it being accepted by the President in writing.

(6) The Advisory Committee may regulate the procedure in regard to its meetings and the transaction of business at such meetings.

(a) to acquire, whether by gift, grant, testamentary disposition or otherwise hold and manage, any movable or immovable property;

(b) to sell, mortgage, lease, grant, convey, devise, assign, exchange or otherwise dispose of any movable or immovable property belonging to the Fund ;

(c) to give grants, endowments or scholarships for the furtherance of the purposes of the Fund;

(d) to enter into or perform, either directly or through officers and servants or agents authorized in writing in that behalf by the Board, all such contracts and agreements as may be necessary for the exercise, discharge and performance of the powers, functions and duties of the Fund and in carrying out the purposes of the Fund ;

(e) to set up institutions for the protection and fostering of the Buddha Sasana and to assist in the management of the institutions engaged in the protection and fostering of the Buddha Sasana;

(f) to make rules in relation to all matters connected with the administration of the Fund;

(g) 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 ; and

(h) to do all such other acts and things as are incidental or conducive to the carrying out of the purposes of the Fund-

(a) all sums received as grants or donations by the Fund from whatever source, whether foreign or local’,

(b) any income from investments made by the Fund.

(a) all such sums as are approved by the Board as being necessary for the carrying out the purposes of the Fund;

(b) all sums of money required to defray expenditure incurred by the Board in the exercise, performance and discharge of its powers, duties and functions ; and

(c) all expenses incurred by the Board in the payment of salaries and other emoluments to officers, and servants of the Board.

(a) to appoint such officers and servants of the Fund as may be necessary for the administration and management of the affairs of the Fund;

(b) to determine the remuneration payable to the officers and servants so appointed; and

(c) to pay such remuneration and other expenses incurred in the administration of the affairs of the Fund out of the income of the Fund,

(2) The Auditor-General shall audit the accounts of the Fund every year. For the purpose of assisting him in the audit of such accounts, the Auditor-General may employ the services of any qualified auditor who shall act under his direction and control.

(3) For the purpose of meeting the expenses incurred by him in the audit of the accounts of the Fund, the Auditor- General shall be paid out of the income of the Fund, such remuneration as the Board may determine. Any remuneration received from the Fund by the Auditor-General shall after deduction therefrom of any sums paid by him to any qualified auditor or auditors employed by him for the purpose of such audit, be credited to the Consolidated Fund.

(4) The Auditor-General shall, as soon as practicable- sites: the thirty first day of December of each year, prepare a report on the administration of the affairs of the Fund during that year together with a statement of the income and expenditure of the Fund, and of the investment of the moneys belonging to the Fund, during that year.

(5) In this section the expression, ” qualified auditor” means”