Sri Sarananda Foundation(Incorporation)

Sri Sarananda Foundation(Incorporation)

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

AND WHEREAS the said Foundation has heretofore successfully carried out and transacted the several objects and matters for which it was established, and 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 short Title. Socialist Republic of Sri Lanka as follows :-

[30th October
, 1998

1. This Act may be cited as the Sri Sarananda Foundation (Incorporation) Act, No. 49 of 1998.

Incorporation of the Sri Sarananda Foundation.

2. From and after the date of commencement of this Act, such and so many persons as now are members of the “Sri Sarananda Foundation ” (hereinafter referred to as “the Foundation”) or shall hereafter be admitted as members of the Corporation hereby constituted, shall be and become a body corporate (hereinafter referred to as “the Corporation”) with perpetual succession, under the name and style of “Sri Sarananda 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 alter the same at its pleasure.

General objects of the Corporation.

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

(a) to unite and expand the generation of Bhikku students of Sri Saddamma Vinayachariya Udunuwara Sri Sarananda Maha Nayake Thero ;

(b) to prepare and maintain a list of names of and statistics relating to Bhikku, students of Rev. Sri Sarananda Thero ;

(c) to promote action in accordance with the principles and ethics of the Sri Lanka Ramanya Maha Nikaya ;

(d) to settle and conciliate any disputes arising among member bhikkus ;

(e) to provide for the improvement of religious knowledge of members ;

(f) to build temples in places where there are no temples, to take steps to restore temples in dillapidated condition, and to preserve and maintain such temples ;

(g) to take steps to provide a temple for every Bhikku who has no temple to live in and to Bhikkus ; restore displaced Bhikkus ;

(h) to ordain worthy children and thereby uplift the Buddha Sasana to establish and maintain Bhikku training centres ;

(i) to formulate a Scheme to sponsors and to give scholarships to Buddhist monks who are desirous of pursuing higher studies in occidental languages, oriental languages and the Dhamma ;

(j) to select suitable bhikkus for the dissemination of dhamma abroad, and to provide them with economic facilities ;

(k) to establish membership in areas where there are no members ;

(l) to give financial assistance to a member bhikku who is helpless and sick at the request of the bhikku ;

(m) to organise activities which have cultural value and to strengthen the relationship between the clergy and the laity ;

(n) to take steps to grant donations or scholarships to poor lay students who are engaged in higher studies in the fields of medicine, engineering, technology, aesthetic studies and Law ;

(o) to provide guidance for the religious and cultural development of the lay members, to establish technical training institutes and technical institutes to conduct projects for the welfare of the patrons of the temples and to establish Projects which will be in the interest of the public ;

(p) to establish a Fund for the fulfillment of the above objects.

General objects of the Corporation.

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, whatsoever as are necessary or desirable for the promotion and furtherance of the objects of the Corporation, or any one 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 and donations, in Sri Lanka or abroad to invest its funds, and to engage, employ and dismiss officers and servants for the purpose of 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 Committee of Management consisting of the Chairman, Six Vice Chairmen, the Honorary Secretary, three Assistant Secretaries and the Honorary Treasurer and not less than ten other members to be elected in accordance with the rules in force for the time being of the Corporation,

(2) The first Committee of Management of the Corporation shall consist of the members of the Committee of Management of the Foundation holding office on the day preceding the date of commencement of this Act, and whose names are specified in the Schedule to this Act.

Rules of the Corporation.


(1) It shall be lawful for the Corporation, from time to time at any general meeting of the Corporation and by a majority of not less than two-thirds of the members present and voting thereat to make rules, not inconsistent with the provisions of this Act, or any other written law or in respect of any or all of the following matters :-

(a) classification of membership, fees, payable by each class of members, number of members, their admission, withdrawal, expulsion or resignation ;

(b) election of the Committee of Management, resignation or vacation of, or removal from, office or office bearers and the powers, duties and conduct of the members of die Committee of Management;

(c) appointment, powers, duties, functions and conduct of, the various officers, agents and servants of the Corporation;

(d) the procedure to be observed at, the summoning of, and holding of, meetings of the Committee of management Corporation or any sub-committee, filling of vacancies, notices and agenda of such meetings, the quorum therefor and the conduct of business thereat;

(e) the qualifications and disqualifications for membership in the Committee of Management of the Corporation ;

(f) the administration and management of the property of the Corporation ;

(g) generally, for the management of the affairs of the Corporation and the accomplishment of its objects and dissolution of the Corporation.

(2) The rules of the Foundation in force on the day preceding the date of Commencement of this Act, shall in so far as they are not inconsistent with the provisions of this Act or other written law be deemed to be the rules of the Corporation and may be amended, added to or rescinded at a like meeting and in like manner as a rule made under subsection (1) of this section.

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

Fund of the Corporation,


(1) The Corporation shall have its own fund and all moneys heretofore or hereafter to be received by way of gifts bequests, donations, subscriptions, contributions fees or grants for and on account of the Corporation shall be deposited to the credit of the Corporation in one or more banks as the Committee of Management shall determine.

(2) The Corporation may create any depreciation fund, reserve or sinking fund for the rehabilitation, improvement and development of the property of the Corporation.

(3) There shall be paid out of the fund all sums of money required to defray and expenditure incurred by the Corporation in the exercise, performance and discharge of its powers, duties and functions under this Act.

Debts due by and payable to the Foundation.

8. All debts and liabilities of the Foundation existing on the day preceding 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.

Corporation may hold and dispose any Property movable and immovable.

9. The Corporation shall be 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 movable by the Corporation for the purposes 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.

How the seal of the Corporation is to be affixed.

10. The seal of the Corporation shall not be affixed to any instrument whatsoever, except in the presence of the chairman and the Secretary 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.

11. 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.

Sinhala Text to prevail in case of inconsistancy.

12. In the event of any inconsistency between the Sinhala and Tamil texts of this act, the Sinhala text shall prevail.