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Short title.
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1. This Act may be cited as the Expo 80 Foundation (Moratuwa) (Incorporation) Act, No. 34 of 1988.
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Incorporation of Expo 80 Foundation (Moratuwa)
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2. From and after the date of commencement of this Act, such and so many persons as now are members of the Expo 80 Foundation (Moratuwa), (hereinafter referred to as ” the Association “) and such other persons as shall here after be admitted 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 Expo 80 Foundation (Moratuwa) “, 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 alter the same at its pleasure.
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General Objects
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3. The general objects for which the Corporation is constituted are hereby declared to be-
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(a) to promote the welfare of the residents and electors of the Moratuwa electorate;
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(b) to engage in economic, social, political and development activities in the said electorate;
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(c) to promote educational, sports and recreational activities in the said electorate;
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(d) to establish Community Centres and other Centres for the welfare of the residents and electors of the said electorate.
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General power of the Corporation.
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4, Subject to the provisions of this Act and any other written law, the Corporation shall have the power to do, perform and execute all such acts, matters and things whatsoever as are necessary or desirable for the promotion and furtherance of the objects of the Corporation, or any one of them, including the power to open, operate and close bank accounts, to borrow or raise money, with or without security, to receive or collect grants and donations, to invest its funds, and to engage, employ and dismiss officers and servants required for the carrying out of the subjects of the Corporation.
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Management of the affairs of the Corporation.
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5.
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(1) The affairs of the Corporation shall, subject to the rules in force for the time being of the Corporation, be administered by the Board of Trustees appointed in accordance with such rules.
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(2) The first Board of Trustees of the Corporation shall be the Board of Trustees of the Association holding office on the day preceding the date of commencement of this Act.
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Rules of the Corporation.
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6.
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(1) It shall be lawful for the Corporation from time to time at any general meeting of the members and by the votes of at least two-thirds of the members present and voting, to make such rules as are not inconsistent with the provisions of this Act or any other written law, for admission to, and removal from, membership of the Corporation, for the performance of the duties of the members of the Board of Trustees of the Corporation, for the procedure to he followed in the transaction of business, and otherwise generally, for the management of the affairs of the Corporation and the attainment of its objects. Such rules when made may, at a like meeting, and in like manner, be altered, added to, amended or rescinded.
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(2) The members at the Corporation shall be subject to the rules of the Corporation.
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Debts due by and payable to the Association.
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7. All debts and liabilities of the Association existing on the day preceding the date of commencement of this Act shall be paid by the Corporation hereby constituted, and all debts due to, and subscriptions and contributions payable to, the Association on that date, shall be paid to the Corporation for the purposes of this Act.
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Property to be vested in the Corporation,
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8. On the day preceding the date of commencement of this Act, all the property movable and immovable belonging to the Association, whether held in the name of the Association or in the name or names of any person or persons in trust for the Association, shall be and the same are hereby vested in the Corporation hereby constituted.
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corporation may hold property movable and immovable.
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9. The Corporation shall be able and capable in law to acquire and hold any property movable or immovable, which may become 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 purposes of this Act, and subject to the rules in force for the time being of the Corporation, with the power to sell, mortgage, lease, exchange or otherwise dispose of the same.
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Procedure for affixing the seal of the corporation.
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10. The Seal of the Corporation shall be in the custody of the Secretary and it shall not be affixed to any instrument whatsoever, except in the presence of two Trustees of the Corporation, one of whom shall be the Chief Trustee, or in his absence, the next Senior Trustee, 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.
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Saving of the rights of the Republic and others.
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11. 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 claiming by, from, or under them.
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