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Short title.
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1. This Act may be cited as the Serendib Foundation (Incorporation) Act, No. 12 of 1991.
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Incorporation of the Serendib 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 Serendib Foundation (hereinafter referred to as ” the Foundation.”) and shall hereafter be admitted members of the corporation hereby constituted, shall be and become a body corporate with perpetual succession under the style and name of the ” Serendib Foundation ” (hereinafter referred to as ” the Corporation “) 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 change and alter the same at its will and pleasure.
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General objects the Corporation.
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3. The general objects for which the Corporation is constituted are hereby declared to be”
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(a) to foster and promote education by establishing and maintaining educational institutions and by founding scholarships ;
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(b) to promote the general welfare of the student community in Sri Lanka;
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(c) to encourage sports activities ;
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(d) to foster, promote and encourage inter-communal amity ;
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(e) to grant medical relief, nourishment, clothing and shelter to the needy, the orphaned and the sick;
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(f) to establish, welfare facilities for the deaf, dumb and blind and homes for elders ; and
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(g) to engage in cultural activities.
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Powers of the Corporation.
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4. Subject to the provisions of this Act and any other written law, the Corporation shall have the power to”
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(a) raise funds, and receive grants, gifts or donations, in cash or kind, whether from local or foreign sources ;
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(b) acquire in any manner whatsoever and hold, take or give on lease or hire, sell or otherwise dispose of, any movable or immovable property ;
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(c) invest the funds of the Corporation in such investments as are likely to bring better income or profit and to recall, reinvest or vary any such investment;
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(d) engage, employ and remunerate, such lecturers, teachers, officers and servants as may be required for carrying out the objects of the Corporation and exercise disciplinary control over them ;
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(e) open, operate and close bank accounts, and borrow or raise money, with or without security ; and
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(f) perform and execute all other acts and things as are necessary or desirable, for the attainment of the objects of the Corporation.
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Corporation to be a non profit making organization.
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5.
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(1) The Corporation shall be organized and operated as a non-profit making organization, and no part of the gains, profits or dividends, if any, of the Corporation shall be distributed among the members of the Corporation.
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(2) In the event of the dissolution of the Corporation, all the assets remaining after payment of all the debts and liabilities thereof, shall be transferred to, or for the benefit of, any fund or organization established or organized exclusively for charitable or educational purposes.
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Corporation not to engage in politics.
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6. The Corporation shall not as any part of its activities, carry on any propaganda or otherwise attempt to influence legislation, or participate in any political campaign on behalf of any candidate or political party.
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Powers and management of the affairs of the Corporation.
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7.
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(1) The powers conferred on the Corporation and the management of the affairs of the Corporation shall, subject to the rules of the Corporation, be exercised and carried out by a Board of Governors consisting of a Chairman, and such number of other members as may be provided (for in rules made in that behalf, and elected in accordance therewith.
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(2) The members of the first Board of Governors shall be the persons whose names are set out in the Schedule to this Act.
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Seal of the Corporation.
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8. The seal of the Corporation shall be in the custody of the Chairman of the Board of Governors, and it shall not be affixed to any instrument, whatsoever, except with the sanction of the Board of Governors and in the presence of two members of that Board, who shall sign the instrument in token of their presence. Such signing shall be independent of the signing of any person as a witness.
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Corporation may hold property both movable and immovable.
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9. The Corporation shall be able and capable in law to take over and hold property, both movable and 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, and subject to the rules of the Corporation, with full power to sell, mortgage, lease, exchange or otherwise dispose of the same.
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Debts due and Payable to the Foundation.
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10. All debts and liabilities of the Foundation existing on the day prior to the date of commencement of this Act, shall be paid and discharged 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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Rules of the Corporation
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11.
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(1) The Board of Governors may, from, time to time, at any meeting of the Board, and by a majority of the members present and voting, make rules, not inconsistent, with the provisions of this Act or other written law for all or any of the following matters :”
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(a) the election of the Chairman and the other members of the Board of Governors ;
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(b) the appointment, suspension and dismissal of lecturers, teachers, officers and servants ;
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(c) the opening of bank accounts and operation of such accounts;
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(d) the administration and management of property of the Corporation, the custody of its funds and maintenance and audit of its accounts ;
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(e) the procedure to be followed at the meetings of the Corporation ; and
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(f) generally the management of the affairs of the Corporation and the attainment of its objects.
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(2) Every rule made under subsection (1) may, at a like meeting and in the like manner be amended or rescinded.
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Savings of the rights of the Republic and others.
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12. 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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Sinhala text to prevail in case of inconsistency.
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13. In the event of any inconsistency between the Sinhala and Tamil texts of this Act, the Sinhala text shall prevail.
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