72of2009.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
ZAM TRUST (INCORPORATION)
ACT, No. 72 OF 2009
[Certified on 23rd December, 2009]
Printed on the Order of Government
Published as a Supplement to Part II of the Gazette of the Democratic
Socialist Republic of Sri Lanka of December 24, 2009
PRINTEDAT THEDEPARTMENT OFGOVERNMENTPRINTING,SRILANKA
TO BEPURCHASED AT THEGOVERNMENT PUBLICATIONSBUREAU, COLOMBO 5
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Zam Trust (Incorporation) 1
Act, No. 72 of 2009
[Certified on 23rd December, 2009]
L.D.—O. (INC.) 31/2007.
ANACT TO INCORPORATE THE ZAM TRUST
WHEREAS a trust called and known as the “Zam Trust” has Preamble.
hitherto been established in Colombo for the purpose of
effectually carrying out objects and transacting all matters
connected with the said Trust:
AND WHEREAS the said Trust has heretofore successfully
carried out and transacted the several objects and matters
for which it was formed and has applied to be incorporated
and it will be for 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 Zam Trust Short title.
(Incorporation) Act, No. 72 of 2009.
2. From and after the date of commencement of this Incorporation of
the Zam Trust.
Act, such and so many persons as now are members of the
Board of Trustees of Zam Trust (hereinafter referred to as the
“Trust”) or 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
“Zam Trust” (hereinafter referred to as “the Corporation”)
and by that name may sue or may be sued with full power
and authority to have and use a common seal, the same at its
pleasure.
3. The general objects for which the Corporation is General objects
of the
constituted are hereby declared to be—
Corporation.
(a) to promote the advancement of education and
knowledge, of Muslims and to provide scholarships
and any form of financial assistance to needy
Muslim scholars ;
2 Zam Trust (Incorporation)
Act, No. 72 of 2009
(b) to establish, construct and maintain homes for the
poor muslims and educational institutes,
Mosques, hospitals and vocational training centres
for muslims ;
(c) to assist the muslim students in studies and other
activities ;
(d) to promote, encourage, assist and undertake
activities for the relief of poverty and distress
caused disasters and natural calamities in relation
to muslims ;
(e) to provide basic necessities such as water and
electricity to the needy muslims ;
(f) to collect, classify, translate, print, publish and
distribute books, journals and magazines related to
Islamic education amongst the muslim people ; and
(g) to promte, encourage, assist and foster activities for
the advancement of communal, national and
international understanding, religious harmony,
goodwill and peace amongst the muslim people.
General powers 4. Subject to the provisions of this Act and any other
of the written Law, the Corporation shall have the power to do,
Corporation.
perform and execute all such acts, matters and things
whatsoever, as 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 funds, with or without security,
to invest, its funds and to engage, employ and dismiss officers
and servants for the carrying out of the object of the
Corporation :
Board of 5. The Trustees of the Board of Trustees of the Trust,
Trustees of the
Corporation. holdings the office on the day preceding the date of
commencement of this Act, shall with effect from the coming
Zam Trust (Incorporation) 3
Act, No. 72 of 2009
into operation of this Act, be deemed to be the trustees of the
Board of Trustees of the Corporation.
6. (1) The affairs of the Corporation shall, subject to Management of
the rules of the Corporation made under section 7 be the affairs of the
Corporation.
administered by the Committee of Management (hereinafter
referred to as “Committee”) consisting of the President, the
Honorary Secretary, the Honorary Treasurer and not less than
five Committee members to be appointed by the Board of
Trustees.
(2) The members of the Committee of the Trust,
holding the office on the day preceding the date of
commencement of this Act, shall be deemed to be
members of the first Committee.
7. (1) It shall be lawful for the Corporation from Rules of the
time to time, at any general meeting of the Corporation Corporation.
and by majority of not less than two-thirds of the
members present, to make rules not inconsistent with
the provisions of this Act or any other written law, for
appoinment of the Committee, for the conduct of the
duties of the Committee and of the various officers, agents
and servants of the Corporation, for the procedure in the
transaction of business and otherwise generally for the
management of the affairs of the Corporation.
(2) Any rule made by the Corporation may be altered,
added to, amended or rescinded at a like meeting and in like
manner as a rule made under subsection (1).
(3) The members of the Committee shall be subject
to the rules of the Corporation.
8. (1) The fund of the Corporation shall consist of— Fund of the
Corporation.
(a) all moneys lying in the credit of the Trust
on the preceding date of commencement
of this Act, which shall stand transferred
to the Corporation from that date;
4 Zam Trust (Incorporation)
Act, No. 72 of 2009
(b) all moneys that may accrue to the
Corporation after that date of
commencement of this Act; and
(c) any donations or gifts rendered to the
Corporation.
(2) All moneys lying to the credit of the Fund
shall be utilized to defray the expenses incurred in
the management of the affairs of the Corporation and the
accomplishment of its objects.
Audit and 9. (1) The financial year of the Corporation shall be the
Accounts. calendar year.
(2) The Corporation shall cause proper accounts to be
kept of its income and expenditure, assets and liabilities
and all other transactions of the Corporation.
(3) The accounts of the Corporation shall be audited by a
qualified auditor.
(4) In this section “qualified auditor ” means —
(a) an individual who, being a member of the Institute
of Chartered Accountants of Sri Lanka or of any
other Institute established by law, possesses a
certificate to practice as an Accountant issued by
such Institute ; or
(b) a firm of Accountants, each of the resident partners
of which being a member of the Institute of
Chartered Accountants of Sri Lanka or of any other
Institute established by law, possesses a certificate
to practice as an Accountant issued by any one of
such Institutes.
Debts due by 10. All debts and liabilities of the Trust existing on the
and payable to day immediately preceding the date of commencement of
the Trust.
this Act shall be paid and discharged by the Corporation
Zam Trust (Incorporation) 5
Act, No. 72 of 2009
hereby constituted and all debts due to and contributions
payable to the Trust shall be paid to the Corporation, for the
purpose of this Act.
11. The seal of the Corporation shall be in the custody Seal of the
of the Secretary and may be altered in such manner, as may Corporation.
be determined by the Committee. The seal shall not be affixed
to any instrument whatsoever, except with the sanction of
the Committee and in the presence of two members of the
committee who shall sign the instrument in token of their
presence. Such signing shall be independent of the signing
of any person as a witness.
12. If upon the dissolution of the Corporation there Property
remains after the satisfaction of all its debts and liabilities, remaining on
dissolution.
any property whatsoever, such property shall not be
distributed among the members of the Corporation, but shall
be given or transferred to any other Institute or Institutes
having objects similar to those of the Corporation and which
is or are by the rules thereof prohibited from distributing any
income or property among its or their members. Such Institute
or Institutions shall be determined by the members of the
Corporation at or immediately before the dissolution of the
Corporation.
13. Nothing in this Act contained shall prejudice or Saving of the
affect the rights of the Republic or of any body politic or rights of the
Republic and
corporate. others.
14. In the event of any inconsistency between the Sinhala text to
Sinhala and the Tamil texts of this Act, the Sinhala text shall prevail in case of
inconsistency.
prevail.

6 Zam Trust (Incorporation)
Act, No. 72 of 2009
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