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Short title
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1. This Act may be cited as the Mahapola Higher Education Scholarship Trust Fund Act, No. 66 of 1981.
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Incorporation of the Mahapola Higher Education Trust Fund.
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2. (1) From and after the date of commencement of this Act, the Mahapola Higher Education Trust Fund shall be a body corporate with perpetual succession under the name and style of “The Mahapola Higher Education Scholarship Trust Fund” (hereinafter referred to as “the Fund”) and by that name may sue and be sued in all courts, with full power and authority to have and to use a common seal.
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Board of Trustees of the Fund.
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3.
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(1) The administration, management and control of the Fund shall be vested in a Board of Trustees constituted as hereinafter provided.
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(2) The Board of Trustees of the Fund (hereinafter referred to as “the Board”) shall consist of the following members:
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(b) the persons for the time being holding office as-
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(i) the Chief Justice of the Supreme Court;
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(ii) the Secretary to the Ministry of the Minister in charge of the subject of Higher Education;
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(iii) the Secretary to the Ministry of the Minister in charge of the subject of Education; and
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(iv) the Secretary to the Ministry of the Minister in charge of the subject of Trade; and
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(c) two persons appointed by the founder (here in after referred to as, appointed members ), for a period of five years:
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Provided, however, that the two present Trustees other than those referred to in paragraph 11 of the Deed shall ‘be deemed to be the first appointed members under this Act.
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(3) The members present at the first meeting of the Board shall elect one from their number to be the Chairman of the Board.
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(4) An appointed member of the Board may at any time resign his office by written communication addressed to the Chairman.
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(5) A person shall be disqualified from being appointed or continuing in office as a member of the Board if he is-
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(a) a person who, having been declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or
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(b) convicted of an offence involving moral turpitude and punishable with imprisonment for a term not less than six months; or
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(c) under any law in force in Sri Lanka, found or declared to be of unsound mind or mentally deficient.
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(6) Where an appointed member of the Board vacates his office by death, resignation or otherwise before the expiry of his term of office, his successor shall hold office for the unexpired portion of the term of office of his predecessor.
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(7) The Chairman of the Board shall preside at all meetings of the Board. In the absence of the Chairman from any meeting, the members present at such meeting shall elect from among themselves a Chairman for that meeting.
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(8) In the event of any difference of opinion between the members of the Board, the decision of the majority shall be binding and effectual.
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(9) No act or proceeding of the Board shall be deemed to be invalid by reason only of the existence of any vacancy amongst its members.
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(10) The quorum for any meeting of the Board shall be four members.
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(11) Subject to the provisions of subsection (10), he Board may make rules to regulate the procedure in regard to its meetings and the transaction of business at such meetings.
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The seal of the Fund.
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4. The seal of the Fund
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(a) shall be in the custody of such person as the Board may from time to time determine;
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(b) may be altered in such manner as may be determined by the Board; and
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(c) shall not be affixed to any document except with the sanction of the Board and in the presence of two members of the Board who shall sign the document in token of their presence.
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Aims and objects of the Fund.
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5. The aims and objects of the Fund shall be
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(a) to provide higher educational facilities to youth;
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(b) to provide assistance to deserving youth who have completed their secondary education satisfactorily, so as to enable them to complete their academic, industrial or technical education at a University or technical or higher educational institute, as the case may be ;
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(c) to set up and assist in the setting up and management of vocational training institutes for enabling youth to develop their vocational skills and competence;
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(d) to set up and assist in the management and conduct of schools, institutes, foundations and similar institutions engaged in the furtherance of education; and
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(e) to provide assistance for the development and improvement of the skills and competence of lecturers, teachers, and such persons engaged in the furtherance of education.
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Powers and functions of the Board.
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6.
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(1) The Board shall, in the name of the Fund, have the power to do all things necessary for, or conducive or incidental to, the carrying out of the objects of the Fund.
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(2) Without prejudice to the generality of the powers conferred by subsection (1), the Board shall have the! following powers and functions:
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(a) to raise funds and to receive grants, gifts, or donations, in ash or kind, whether from local or foreign sources;
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(b) to take or hold any property, movable or immovable, which may become vested in it by this Act or by virtue of any purchase, grant, gift, testamentary disposition or otherwise, and to sell, mortgage, lease, grant, convey, devise, assign, exchange or otherwise dispose of, any property to which the Fund may become entitled;
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(c) to give grant, endowments or scholarship locally and; abroad, for the furtherance of the objects of the Fund;
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(d) to conduct lotteries with the approval of the Government to collect moneys for the furtherance of the objects of the Fund;
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(e) to enter into and 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, performance and discharge of the powers, duties and functions, and for carrying out the objects, of the Fund;
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(f) subject to the provisions of this Act, to appoint, employ and remunerate officers and servants of the Fund and to make rules regarding the appointment, promotion, remuneration and disciplinary control of its employees and the grant of leave and other benefits to them;
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(g) to erect or cause to be erected any building or structure on any land belonging to or held by the Fund;
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(h) to invest moneys belonging to the Fund at the discretion of the Board in any such investments as are authorized by law for the investment of money including trust money and to recall, re-invest and vary such investme.1ts at the discretion of the Board and to collect income accruing from such investments ;
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(i) 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
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(j) to do all such other acts and things as are incidental or conducive to the carrying out of the objects of the Fund.
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Payments into the Fund.
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7. There shall be paid into the Fund
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(a) any funds raised or grants, gifts or donations received locally or from abroad or moneys realized or collected;
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(b) any grant received from the Government from time to time for the purpose of carrying out the aims and objects of the Fund; and
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(c) any income from investments or other receipts due to the Fund.
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Payments out of the Fund.
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8. There shall be paid out of the Fund
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(a) expenses necessary for the working, establishment and maintenance of the Fund;
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(b) the payment of salaries to officers, servants and other employees; and
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(c) all such other payments as are approved by the Board as being necessary for the purpose of carrying out the objects of the Fund.
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Contracts. c of the Trust Fund deemed to be those of Corporation.
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9. All contracts, agreements, debts and liabilities of the said Trust Fund existing at the time of coming into operation of this Act shall be deemed to be the contracts, agreements, debts and liabilities of the Corporation hereby constituted.
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Accounts and audit.
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10.
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(1) The Board shall cause proper books of accounts to be kept of the income and expenditure, assets and liabilities and all other transactions of the Fund.
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(2) The Board shall cause its books to be balanced as on the thirty-first day of December in each year and shall, before the thirty first day of March next, cause to be prepared, an become and expenditure account and a balance sheet containing, summary of the assets and liabilities of the Fund made up to the first-mentioned date.
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(3) The income and expenditure account and the balance sheet shall be signed by two members of the Board authorized to do so by a resolution passed by the Board.
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(4) The Auditor-General shall audit the accounts of the Fund every year in accordance with Article 154 of the constitution.
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Financial year of the Fund.
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11. The financial year of the Fund shall be the calendar year.
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Exemption of Fund from certain duties and taxes.
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12.
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(1) The Fund shall be exempt from the payment of customs and import duty on any goods imported for the purposes of achieving the aims and objects of the Fund.
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(2) The Fund shall be exempt from any income tax or wealth tax payable under the Inland Revenue Act, No. 28 of 1979.
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(3) Where any person makes a gift to the Fund, he shall be exempt from the payment of gifts tax under the Inland Revenue Act, No. 28 of 1979, to the extent of the total value of the gift.
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(4) Where any person makes a donation to the Fund during any year of assessment commencing on or after April 01, 1980, such donation shall be deemed to be an approved expenditure for the purposes of the Inland Revenue Act, No. 28 of 1979, and the donor shall be entitled to relief under that Act in respect of the total value of such donation.
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(5) The Fund shall be exempt from the payment of any rates and taxes under the Development Councils Act, No. 35 of 1980, the Municipal Councils Ordinance or the Urban Councils Ordinance, as the case may be.
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(6) The provisions of this section shall have effect notwithstanding anything to the contrary in the Inland Revenue Act, No. 28 of 1979, the Customs Ordinance, the Development Councils Act, No. 35 of 1980, the Municipal Councils Ordinance, or the Urban Councils Ordinance, as the case may be.
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Protection of members of the Board and officers c. of the Fund for action under this Act.
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13.
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(1) No suit or prosecution shall be instituted against any member of the Board or any officer, Servant or agent of the Fund appointed for the purposes of this Act, for any act which is in good faith done or purported to be done by such member, officer, servant or agent under this Act, or on the direction of the Board.
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(2) Any expense incurred by the Fund in any suit or prosecution brought by or against the Fund before any court shall be paid out of the Fund, and any costs paid to, or re-covered by, the Fund in any such suit or prosecution shall ,be credited to the Fund.
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(3) Any expense incurred by any such person as is referred to in subsection (1) in any suit or prosecution brought against him before all court in respect of any act which is done or is purported to be done by him under this Act or on the direction of the Board shall, if the court holds that such act was done in good faith, be paid out of the Fund unless such expense is recovered by him in such suit or prosecution.
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No writ to issue against person or property of a member of the Board or officer c. of the Fund.
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14. No writ against person or property shall be issued against any member of the Board or any officer, servant r agent of the Fund in any action brought against the Fund.
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Officers and servants of the Fund deemed to be pu1-lic servants under the Penal Code.
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15. All officers and servant of the Fund shall be deemed to be public servants within the meaning, and for the purposes, of the Penal Code.
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Fund deemed to be a scheduled institution within the meaning of the Bribery Act.
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16. The Fund shall be deemed to be a scheduled institution within the meaning of the Bribery Act and the provisions of that Act shall accordingly apply.
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Provision of this Act to prevail over provisions of the Deed.
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17. The provisions of this Act shall have effect not with-standing anything contained in the Deed, and accordingly in the event of any conflict between the provisions of this Act and the provisions of the Deed, the provisions of this Act shall prevail.
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Saving of the rights of the Republic and others.
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18. 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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Interpretation.
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19. In this Act ” founder” means the person referred to as such in the first-mentioned paragraph of the Preamble to the Deed, and after his death, shall mean the Minister in charge of the subject of Trade.
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