Northern Province Teachers’ Association Benevolent Fund (Incorporation)

Northern Province Teachers’ Association Benevolent Fund (Incorporation) AN ACT TO INCORPORATE THE NORTHERN PROVINCE TEACHERS’ ASSOCIATION BENEVOLENT FUND. WHEREAS an association known as “Northern Province Teachers’ Association Benevolent Fund ” has heretofore been established in Jaffna for the purpose of carrying out the objects of the association according to the rules agreed to by its members: And whereas the said association has heretofore been successfully carrying out its objects and it is now desirable that the said association should be incorporated : BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Senate and the House of Representatives of Ceylon in this present Parliament assembled, and by the authority of the same, as follows:- Short title. 1. This Act may be cited as the Northern Province Teachers’ Association Benevolent Fund (Incorporation) Act, No. 18 of 1968. Incorporation of the Northern Province Teachers’ Association Benevolent Fund. 2. The persons who, at the time of the coming into operation of this Act, are members of the Northern Province Teachers’ Association Benevolent Fund (hereinafter referred to as ” the association “) and such other persons as are hereafter enrolled as members of the association shall be a body corporate (hereinafter referred to as ” the Corporation “) with perpetual succession, a common seal and the name Northern Province Teachers’ Association Benevolent Fund. The Corporation may sue and be sued by that name. Objects of the Corporation. 3. The following shall be the objects of the Corporation:- (a) to promote thrift among its members; (b) to aid members in pecuniary difficulties; and (c) to provide for members and their dependants by the payment of retirement and death benefits. Committee of Management 4. (1) The affairs of the Corporation shall, subject to the rules in force for the time being of the Corporation, be administered by a Committee of Management consisting of a President, a Vice-President, a Secretary, an Assistant Secretary and a Treasurer of the Corporation and ten other members, elected to the Committee in accordance with the rules for the time being of the Corporation. (2) The first Committee of Management shall consist of the President, the Vice-President, the Secretary, the Treasurer and the members of the Committee of Management of the association holding office at the time of the coming into operation of this Act, and shall function until the first annual general meeting of the Corporation. The Corporation may acquire, hold and dispose of property. 5. The Corporation- (a) may acquire and hold any movable or immovable property by right of purchase, grants, gifts, testamentary disposition or otherwise; (b) shall hold any property subject to the rules for the time being of the Corporation; (c) may sell, mortgage, lease, exchange or otherwise dispose of any of its properties; (d) may invest its funds in accordance with such rules for the time being of the Corporation. Sums payable by or to the association to be paid by or to the Corporation. 6. All debts and liabilities of the association existing at the time of the coming into operation of this Act shall be paid and discharged by the Corporation and all debts due to and contributions payable to the association shall be paid to the Corporation. Seal of the Corporation. 7. The seal of the Corporation may be altered at the pleasure of the Corporation. It shall not be affixed to any instrument whatsoever except in the presence of the Treasurer and either the President or the Secretary of the Corporation who shall sign their names on the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness. Rules. 8. (1) The Corporation may make rules relating to the admission, suspension or expulsion of members, the duties of the Committee of Management and of the various officers or agents of the Corporation, the procedure in the transaction of business and the management of the affairs of the Corporation and the accomplishment of its objects. (2) Subject to the provisions of sub-section (3) the rules set out in the Schedule of this Act shall be the rules of the Corporation.