Deepavyapta Bosat Lama Samaja Sanvidhanaya (Incorporation)

WHEREAS an association called. and known as “The Deepavyapta Bosat Lama Samaja Sanvidhanaya ” has heretofore been established for the purpose of , effectually carrying out and transacting all matters connected with the said Association according to the rules agreed to by its members:

AND whereas the said Association 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 Socialist Republic of Sri Lanka as follows:

1. This Act may be cited as the Deepavyapta Bosat Lama Samaja Sanvidhanaya (Incorporation) Act, No. 11 of 1987.

2. From and after the date of commencement of this Act, such and so many persons as now are members of the Deepavyapta Bosat Lama Samaja Sanvidhanaya (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 style and name of “The Deepavyapta Bosat Lama Samaja Sanvidhanaya”, 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.

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

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 or furtherance of the objects of the Corporation or anyone of them including the power 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 engage, employ and dismiss, personnel required for the carrying out of the objects of the Corporation.

5.

6.

7. All debts and liabilities of the Association 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 Association, on that day shall be paid to the Corporation.

8. The Corporation shall be able and capable in law to take over 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 purpose 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.

9. The seal of the Corporation shall not be affixed to any instrument whatsoever, except in the presence of the President, or in the absence of the President, a Vice-President 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.

10. 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.