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Short title.
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1. This Act may be cited as the National, Economic, Social, Educational and Cultural Foundation of Sri Lanka (incorporation) Act, No. 38 of 1991.
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Incorporation of National, Economic, Social, Educational and Cultural Foundation.
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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 National, Economic, Social, Educational and Cultural Foundation or ” NESEC” Foundation of Sri Lanka (hereinafter referred to as “the Foundation “) 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 name and style of the” National Economic, Social, Educational and Cultural Foundation ” 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 to 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 Corporation is established are hereby declared, to be”
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(a) to foster the social, educational and cultural development of the underprivileged children of Sri Lanka ;
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(b) to assist in the promotion of activities.; relating to pre-schools, child care centre, childrens homes and child and religious education ;
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(c) to foster and facilitate the engagement of youth in activities that provide income ,
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(d) to foster and promote the social development activities, especially among the disadvantaged groups;
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(e) to promote the physical, spiritual and social welfare of the general public;
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(f) to liase with other institutions in Sri Lanka and abroad with similar objects ;
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(g) to give financial aid and scholarships to poor or disabled with a view to enabling them to pursue higher studies;
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(h) to do all such of her acts and things as may be necessary for the accomplishment of all or any of the objects of the Corporation ;
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(i) to aid and assist any person to engage himself in any industry, trade or import or export business, to establish and maintain any agricultural, industrial or commercial ventures ; to provide programmes to successfully train persons in technical skills and to organize propaganda work.
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Board of Directors.
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4.
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(1) The affairs of the Corporation shall, subject to the rules of the Corporation, be administered by a Board of Directors consisting of not more than nine members of whom not less than four members shall be from Japan and one member shall be the Chief Incumbent Venerable Silo-gama Wimala Thero of Mahinda Social Welfare Buddhist Centre at Ranmutugala, Kadawata, who shall be the Chairman of the Board of Directors.
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(2) The first Board of Directors of the Corporation shall be the Board of Directors of the Foundation holding office on the day preceding the date of commencement of this Act, and consisting of the members whose names are specified in the Schedule to this Act.
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General powers of the Corporation.
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5. 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 any one of them including the power to establish advisory committees to the Corporation subject to the rules of the Corporation, 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 enter into contracts and to engage employ and dismiss such officers and servants as are required for the purpose of carrying out the objects of the Corporation.
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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 and by the votes of not less than two-thirds of the members present and voting to make rules, not inconsistent with the provisions of this Act and any other written law, for the admission, with drawal or expulsion of members, election of the office bearers and the Board of Directors, the term of office of the Board of Directors, meetings of the Board of Directors and the transaction of business at such meetings, the duties and functions of the office bearers of the Corporation and otherwise generally, for the management of the affairs of the Corporation and the accomplishment 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 of the Corporation shall be subject to the rules of the Corporation.
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Debts due by and payable to the Corporation
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7 .All debts and liabilities of the Foundation existing on the clay preceding the date of commencement of this Act shall be paid by the Corporation and all debts due to and subscriptions and contributions payable to the Foundation on that day shall be paid to the Corporation for the purposes of this Act.
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Corporation may hold property movable and Immovable.
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8, Subject to the provisions of this Act the Corporation shall be capable in law to take and hold any property 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 purpose of this Act and subject to the rules in force for the time being of the Corporation with full power to sell, mortgage, lease, exchange or otherwise dispose of the same.
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Seal of the Corporation.
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9.The seal of the Corporation shall be in the custody of the person as may be determined by the Board of Directors and it shall not be affixed to any instrument whatsoever except in the presence of the Chairman and another member of the Board of Directors with the approval of the Board of Directors who shall sign their names on the instrument in token of their presence and such signing shall be independent of the signing of any such person as a witness.
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Saving of the rights of the Republic and others.
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10. Nothing in this Act contained shall prejudice or affect the rights of the Republic of Sri Lanka, or of any body politic, corporate, or of any other person, except such as are mentioned in this Act, and those claiming by, from. or under, them-
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Sinhala text to prevail in case of inconsistency.
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11. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.
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Schedules
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