LOW-COUNTRY PRODUCTS ASSOCIATION

1. This Ordinance may be cited as the Low-Country Products Association of Ceylon Ordinance,

2. With effect from the date on which this Ordinance comes into operation, the chairman, other office-bearers and members of the committee for the time being, and such and so many persons as now are members of the Low-Country Products Association of Ceylon (hereinafter referred to as ” the association “), or shall hereafter be admitted members of the corporation hereby constituted, shall be a corporation with limited liability in manner hereinafter provided, with perpetual succession and a common seal under the style and name of ” The Low-Country Products Association of Ceylon ” and by that name shall sue and be sued in all courts.

3. The general objects for which the corporation is constituted are hereby declared to be the promotion, fostering and protection of the agricultural and commercial interests of persons interested in the products of Sri Lanka, and generally to safeguard the interests of its members.

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5. All debts and liabilities of the association existing at the time of the coming into operation of this Ordinance shall be paid by the corporation hereby constituted, and all debts due to, and subscriptions, contributions and fines payable to, the association shall be paid to the said corporation for the purposes of this Ordinance.

6. The seal of the corporation shall not be affixed to any instrument whatsoever except in the presence of two members of the general committee, 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.

7. The corporation shall be capable in law to receive and hold property, both movable or immovable, which may be 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 Ordinance and subject to the rules for the time being of the said corporation, with full power (subject to any trust attaching to any such property and to the law regulating such trusts) to sell, mortgage, lease, exchange or otherwise dispose of the same.

8. The liability of each member of the association shall be limited to the transactions of the association which shall have occurred during the period of his membership, and shall in no case exceed the sum of twenty-five rupees over and above such annual subscriptions as may be due from such member to the association; and such limitation of liability shall include any contribution that such member may be called upon to make under the rules of the association to meet any deficit in the annual expenses of the association.

9. Nothing in this Ordinance contained shall affect or be deemed to 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 Ordinance and those claiming by, from, or under them.