Muslim Development Fund, Sri Lanka (Incorporation)

Muslim Development Fund, Sri Lanka (Incorporation)

AN ACT TO INCORPORATE THE MUSLIM DEVELOPMENT FUND SRI LANKA.

Preamble.

WHEREAS an association called and known as the” Muslim Development Fund, Sri Lanka” has heretofore been established in Sri Lanka for the purpose of effectually carrying out and transacting all objects and matters connected with the said association according to the rules agreed to by its members:

AND WHEREAS the said association has heretofore successfully carried out and transacted the several objects and matters for which it was established:

AND WHEREAS the said association has applied to be incorporated and it will be for the public advantage to grant the application:

BE it, therefore, enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows :-

[21^st June
, 1985 ]

Short title.

1. This Act may be cited as the Muslim Development Fund, Sri Lanka (Incorporation) Act, No. 25 of 1985.

Incorporation of the Muslim Development Fund, Sri Lanka.

2. From and after the date of commencement of this Act, the persons who are members of the Muslim Development Fund, Sri Lanka (hereinafter referred to as “the Fund “) and such persons who for the time being shall hereafter 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 style and name of the” Muslim Development Fund, Sri Lanka “, 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.

General objects of the Corporation.

3. The general objects for which the Corporation is hereby constituted are hereby declared to be-

(a) to cater for the religious, educational, social, economic and cultural development of the Muslims in Sri Lanka;

(b) to raise funds in Sri Lanka and abroad for the fulfillment of the aims and objects of the Corporation ;

(d) to do all such other acts and things as are incidental or conducive to the attainment of the above objects or any of them.

General powers of the Corporation.

4. Subject to the provisions of this Act and any written law, the Corporation shall have the power to do, perform and execute all such acts, matters and things whatsoever as are necessary, desirable or expedient 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, and to engage, employ and dismiss personnel required for the carrying out of the objects of the Corporation.

Management of the affairs of the Corporation.

(1) The affairs of the Corporation shall, subject to the rules of the Corporation, be administered by a Board of Management consisting of the office-bearers and such other persons as may be provided for in such rules and elected in accordance therewith.

(2) The first members of the Board of Management of the Corporation shall be the Board of Management of the Fund holding office at the time of the commencement of this Act.

Rules of the Corporation.

(1) It shall be lawful for the Corporation from time to time at any general meeting of the members and passed by the votes of at least two-thirds of the members present and voting thereat to make such rules as are not inconsistent with the principles and provisions of this Act for the management of the affairs of the Corporation and the accomplishment of its objects.

(2) Any rule of the Corporation may be altered, added to, amended or rescinded in like manner as a rule may be made under subsection (1).

(3) The members of the Corporation shall be subject to the rules of the Corporation.

Debts due by and payable to the Fund.

7. All debts and liabilities of the Fund existing at the time of commencement of this Act shall be paid by the Corporation and all debts due to and subscriptions and contributions payable to the Fund, shall be paid to the Corporation.

Corporation may hold and dispose of property, movable and immovable.

(1) The Corporation shall subject to the rules of the Corporation be able and 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.

(2) The Corporation shall subject to the rules of the Corporation have full power from time to time to sell, mortgage, lease, exchange or otherwise dispose of any property vested in the Corporation.

How the seal of the Corporation. is to be affixed.

9. The seal of the Corporation shall not be affixed to any instrument whatsoever except in the presence of such number of persons as may be provided for in the rules of the Corporation, 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.

Saving of the rights of the Republic and others.

10. 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 person, except such as are mentioned in this Act and those claiming by, from or under them.