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Short title.
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1. This Act may be cited as the Sri Lanka Samodaya Foundation (Incorporation) Act, No. 36 of 1985.
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Incorporation of the Sri Lanka Samodaya 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 Sri Lanka Samodaya Foundation (hereinafter referred to as the” Association”) 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 “Sri Lanka Samodaya 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 of the Corporation shall be :
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(a) to engage in activities that promote peace and economic well-being of the people;
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(b) to promote the economic and social advancement of its members;
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(c) to provide members with technical assistance and information for the purpose of modernisation of agriculture;
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(d) to render assistance and consultancy services to members who are engaged in, or plan to set up industries;
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(e) to assist individual members or groups of members to provide services or engage in a trade;
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(f) to help persons to undertake projects of self-employment; and
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(g) to do all such other acts and things as are conducive or incidental to the attainment of all or any of the objects of the Corporation.
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General 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 do, perform and execute all such acts, matters and things as are necessary or desirable for the furtherance of its objects or anyone of them, including the power to open, operate and close bank accounts, to borrow or raise moneys with or without security, to receive or collect grants or donations, to invest its funds, to erect any building or structure on any land held by the Corporation, and, to engage, employ and dismiss personnel required for the carrying out of its objects.
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Management of the affairs of the Corporation
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5.
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(1) The affairs of the Corporation shall, subject to the rules for the time being of the Corporation be administered by a Board of Management elected in accordance with the rules.
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(2) The first Board of Management of the Corporation shall be the Board of Management of the Association holding office on the date of the commencement of this Act.
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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, withdrawal or expulsion of members, election of the Board of Management 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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The Fund of the Corporation.
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7.
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(1) The Board of Management shall establish a fund called the” Sri Lanka Samodaya Foundation Fund” (hereinafter referred to as “the Fund” ).
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(2) All moneys heretofore, or hereafter to be, received by way of gift, bequeath, device, donation, subscription, contribution, fees or grants for and on account of and for the purposes of the Corporation shall be deposited to the credit of the Fund in one or more banks as the Board of Management shall determine.
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(3) There shall be paid out of the Fund all sums of money required to defray any expenditure incurred by the Corporation in the exercise, performance and discharge of its powers, duties and functions under this Act.
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Accounts and audit .
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8.
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(1) The Board of Management shall cause proper books of accounts to be kept of the income and expenditure, assets and liabilities and all other transactions of the Corporation.
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(2) The accounts of the Corporation shall be audited by a qualified auditor or auditors appointed by the Board of Management.
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Corporation may hold property movable or immovable.
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9. The Corporation shall 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 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 payable to the Association.
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10. All debts and liabilities of the Association existing at the time of the commencement of this Act, shall be paid and discharged by the Corporation and all debts due to, and subscriptions and contributions payable to the Association shall be paid to the Corporation for the purposes of this Act.
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How the Seal of the Corporation is to be affixed.
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11. The seal of the Corporation shall not be affixed to any instrument whatsoever except in the presence of the President and the Secretary or the Treasurer 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.
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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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