Board Of Trustees Of The S.W.R.D.Bandaranaike (Memorial) Scholarship Trust (Incorporation)



Board Of Trustees Of The S.W.R.D.Bandaranaike (Memorial) Scholarship Trust (Incorporation)
AN ACT TO INCORPORATE THE BOARD OF TRUSTEES OF THE S.W.R.D. BANDARANAIKE (MEMORIAL ) SCHOLARSHIP TRUST.
Preamble.

WHEREAS a Trust called and known as the S.W.R.D. Bandaranaike (Memorial) Scholarship Trust,has heretofore been establish for the provision of funds for the achievement of the several objects for which the said Trust was established:

And whereas the affairs and objects of the said Trust have heretofore been managed and carried our by a Board of Trustees:

And whereas the affairs and objects of the said Trust have heretofore been managed and carried out by a Board of Trustees: And whereas the said Board of Trustees has applied to be incorporated and it will be its beneficiaries, to grant the application:

BE it therefore enacted by the Parliament of the Democratic Socialist Republic of Sri Lanka as follows:-

[19th April
, 1991 ]
Short title.

1.This Act may be cited as the Board of Trustees of the S.W.R.D. Bandaranaike (Memorial) Scholarship Trust (Incorporation) Act No 22 of 1991.

Incorporation of the Board Trustees of the S.W.R.D.Bandaranaike(Memorial)Scholarship Trust.

2.From and after the date of commencement of this Act, such and so many persons as are now members of the Board or Trustees of the S.W.R.D.Bandaranaike (Memorial )Scholarship Trust (hereinafter referred to as “the Trust”) of shall hereafter be admitted as members of the Corporation hereby constituted shall be a body corporate with perpetual succession under the name and style of “S.W.R.D.Bandaranaike(Memorial) Scholarship Trust” (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 alter the same at its pleasure.

General objects of the Corporation.

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

(a) to encourage and assist students faced with economic or financial difficulties to pursue higher studies, and to assist and actively encourage, students from low-income families ,or students who have lost one or both parents, or students affected by similar disadvantages, to pursue higher studies;

(b) to provide financial assistance to such persons on the basis of a scholarship grant three or four times annually, or as the need arises;

(c) to assist in any manner possible to the promotion of the welfare and well-being of Sri Lanka students;

(d) to assist students to gain proficiency in the fields of Science, Commerce, Law, Agriculture, Engineering, Medicine and the Fine Arts;

(e) to facilitate the bringing into being of a generation of disciplined and patriotic students.

Constitution of the Board of Trustees.

4. The administration, management and control of the Corporation shall be vested in the Board of Trustees(hereinafter referred to as “the Board”)consisting of such members as may be provided for in such rules and elected in accordance thee with.

Powers duties and functions of the Board.

5.

(1) Subject to the provision of this Act and any other written law the Board shall, in the name of the Corporation have the power to do all things as are necessary for or conducive or incidental to the carrying out of the objects of the Corporation.

(2) Without prejudice to the generality of the powers conferred by subsection(1) the Board may exercise and discharge the following powers and functions:-

(a) to acquire and hold any property movable or immovable which may vested in it by this Act or by virtue of any purchase grant, gift, device or otherwise;

(b) to sell mortgage lease or grant, conveys, devise, assign, exchange or otherwise dispose of any much property;

(c) to invest monies belonging to the Corporation in such securities as may be determined by the Board;

(d) to open, operate and close bank accounts and to borrow or raise money with the property of the Corporation as security or without such security for ‘the purposes of “the Corporation ;

(e) to raise funds and receive grants, gifts of books of donations in cash or kind ; and (f) to do all such other acts and things as are incidental or conducive to the carrying out of the objects of the Corporation.

Fund of the Corporation.

6. The Fund of the Corporation shall consist of”

(a) all moneys lying to the credit of the Trust on the day immediately preceding the date of! Commencement of this Act which shall stand transferred to the Corporation from this date; and

(b) all monies that may accrue to the Corporation after the date of commencement of this Act.

Debt due by and payable to the Corporation.

7. All debts and liabilities of the Trust existing on the day immediately preceding the date of commencement of this Act shall be paid and discharged by the Corporation hereby constituted and all debts due to and subscriptions and contributions payable to the Trust on that day shall be paid to the Corporation for the purposes of this Act,

Seal of the Corporation.

8. The seal of the Corporation shall be in the custody of the Chairman and may be altered in such manner as may be determined by the Corporation. The seal shall not be affixed for any instrument whatsoever, except with the sanction of the Board and in the presence of two members of the Board who shall sign the instrument in token of their presence.

Rules of the Corporation.

9.

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

(a) the appointment or election of the Board of Trustees, the term of office of every such member, the procedure to be observed at, and the summon in and holding of meetings, the times, places, notices and agenda of such meetings, the quorum thereof and the conduct business thereat;

(b) the award of scholarships and the provision of financial assistance to the students referred to in section (3)

(c) the procedure to be followed in the transaction of business at meetings of the Board;

(d) the powers, duties and functions of the members of the Board ;

(e) the defrayal of such expenses as may be incurred by the Board for the purpose of carrying out the objects of the Corporation;

(f) the management of the affairs of the Corporation and the attainment of its objects;

(g) the administration and management of the property of the Corporation, the custody of its funds and the maintenance and audit of its accounts; and

(h) the keeping of accounts the deposit of monies and the custody documents

Such rules when made at a like meeting and in like manner be altered, added to, amended or rescinded.

(2) The members on the Board shall be subject to the rules for the time being, of the Corporation.

Saving of the rights of the Republic and others.

10. Nothing in this Act contained shall, prejudice or affect the rights of the Republic or of any body 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 inconsistency.

11. In the event of any inconsistency the Sinhala text and the Tamil text of this Act, the Sinhala text shall prevail.