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Short title
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1. This Act may be cited as the Horana Vidyaratna Sangamaya (Incorporation) Act, No. 36 of 1986.
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Incorporation of the Horana Vidyaratna Sangamaya.
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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 Horana Vidyaratna Sangamaya (hereinafter referred to as ” the Sangamaya “) , or shall hereafter be admitted members of the Corporation hereby constituted, shall be a body corporate (hereinafter referred to as “the Corporation”) with perpetual succession under the style and name of the” Horana Vidyaratna Sangamaya , 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 of the Corporation.
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3. The general objects for which the constituted are hereby declared to be –
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(a) the promotion of Buddhist education by the management and upkeep of the Vidyaratna Pirivena University College at Horana, the Dhammaratana Pirivena of Horana and any other school or institutions which may hereafter be established;
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(b) the foundation, management and upkeep of centers of National and Cultural Services;
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(c) the promotion of Buddhist culture and the propagation of Buddhism;
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(d) the advancement of social welfare; and
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(e) the printing and publishing of books, journals, periodicals and pamphlets.
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General powers 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 or furtherance of the objects of the Corporation or anyone of them including the power to open, operate and close bank accounts, to borrow or raise moneys with or without security, to receive Or collect grants and donations, to invest its funds, and to engage, employ and dismiss personnel required for the carrying out of the objects of the Corporation.
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Administration 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 of the Corporation, be administered by a Board of Governors consisting of the office-bearers and such other persons as may be provided for in such rules and elected in accordance therewith.
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(2) The first Board of Governors of the Corporation shall be the Board of Governors of the Sangamaya holding office at the time of the commencement Of this Act, and consisting of the members whose names are specified in the Schedule hereto.
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Power to make rules.
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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 vote 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 the admission, withdrawal or expulsion of members, for the conduct of the duties of the Board of Governors, and of the various officers, agents and servants of the Corporation, for the procedure, to be followed in the transaction of business, and otherwise generally for the administration of the affairs of the Corporation and the accomplishment of its objects.
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(2) The rules of the Corporation made under subsection (1) may be altered, added to, amended or rescinded at a like meeting and in like manner as rules made under subsection (1).
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(3) The members of the Corporation shall at all times be subject to the rules of the Corporation.
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Vesting of property.
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7. On the commencement of this Act, all property, movable or immovable, of the Sangamaya, whether held in the name of the Sangamaya or in the name of any person in trust for the Sangamaya, shall be and is hereby vested in the Corporation and such property together with all property, movable or immovable, hereafter to be acquired and all subscriptions, contributions, donations, loans, and advances received or to be received 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.
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Corporation may hold property movable or immovable.
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8. The Corporation shall be capable in law to take 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 of the Corporation, with full power to sell, mortgage, lease) exchange or otherwise dispose of the same.
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Debts due by, and payable to the Sangamaya
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9. All debts and liabilities of the Sangamaya existing at the time of the commencement of this Act shall be paid by the Corporation and all debts due to and subscriptions and contributions payable to the Sangamaya, shall be paid to the Corporation for the purposes of this Act.
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How the seal to the Corporation is to be affixed.
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10. The seal of the Corporation shall not be affixed to any instrument, whatsoever, except in the presence of at least two of the members of the Board of Governors, 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 those claiming by, from or under them.
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Schedules
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