ACT, No. 01 OF 2007

01of2007.pdf
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PARLIAMENT OF THE DEMOCRATIC
SOCIALIST REPUBLIC OF
SRI LANKA
K. JAYATILLAKE FOUNDATION
(INCORPORATION) ACT, No. 01 OF 2007
[Certified on 16th January, 2007]
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 January 19, 2007
PRINTEDAT THEDEPARTMENT OFGOVERNMENTPRINTING,SRILANKA
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K. Jayatillake Foundation (Incorporation) 1
Act, No. 01 of 2007
[Certified on 16th January, 2007]
L.D.—O. (INC) 21/2005.
ANACTTO INCORPORATE THE K. JAYATILLEKE FOUNDATION
WHEREAS a Foundation called and known as the Preamble.
“K. Jayatilleke Foundation” has 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 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 K. Jayatilleke Foundation Short title.
(Incorporation) Act, No. 01 of 2007.
2. From and after the date of commencement of this Act, Incorporation of
such and so many persons as presently are members of the the K. Jayatilleke
K. Jayatilleke Foundation (hereinafter referred to as the Foundation.
“Foundation”) 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 the
“K. Jayatilleke Foundation”, (hereinafter referred to as the
“Corporation”) and by that name may sue and be sued, with
full power and authority to have and to use a common seal
and to alter the same at its pleasure.
3. The general objects for which the Corporation is General objects
constituted are hereby declared to be— of the
Corporation.
(a) to introduce measures for the development of
language and literature ;
(b) to preserve and publish the creations and literary
works of K. Jayatilleke and leave them as legacy to
future generations ;
2 K. Jayatillake Foundation (Incorporation)
Act, No. 01 of 2007
(c) to establish a centre for creative, traditional and
literary activities centred in the native village of
K. Jayatilleke, and to conduct literary seminars and
workshops ;
(d) to initiate a project to encourage those engaged in
creating a new creative and classical literature ;
(e) to take steps with a view to enhancing the artistic
talents of the people in and around the native village
of K. Jayatilleke ;
(f) to extend these activities to other areas of the Island;
(g) to patronize the religious, cultural and social
services activities approved by the Corporation ;
(h) to implement co-operative programmes based on
relations with whatever social service organization
and religious and cultural organization which
considers it necessary.
General powers 4. Subject to the provisions of this Act, or any other
of the written law, the Corporation shall have the power to do,
Corporation.
perform and execute, all such acts, matters and things as are
necessary or desirable for the promotion or 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 money with or without security, to receive or collect
grants and donations, to invest its funds and to engage, employ
and dismiss officers and servants required for the carrying
out of the objects of the Corporation.
Management of 5. (1) The management of the affairs of the Corporation
the affairs of the shall subject to the rules to be made under section 6 of this
Corporation.
Act, be administered by a Board of Management consisting
of office bearers and such other members as may be provided
for in such rules and elected, in accordance therewith.
K. Jayatillake Foundation (Incorporation) 3
Act, No. 01 of 2007
(2) The First Board of Management of the Corporation
shall be the Board of Management of the Foundation holding
office on the day preceding the date of commencement of
this Act.
6. (1) It shall be lawful for the Corporation, from time to Rules of the
time, at any general meeting of the members and by a majority Corporation.
of not less than two-thirds of the members present and to
voting to make rules, not inconsistent with the provisions of
this Act, or other written law, for the admission, withdrawal
or expulsion of members for the election of members of the
Board of Management for the conduct of the functions of the
Board of Management and of the various, officers, agents
and servants, for the procedure to be followed in the
transaction of business at meetings of the Corporation, for
the management of the affairs of the Corporation and for the
attainment of its objects. Such rules when made may, at a
like meeting and in like manner be altered, added to, amended
or rescinded.
(2) Every member of the Corporation shall upon the
coming into operation of this Act, be subject to the rules to
be made form time to time by the Corporation.
7. (1) The Corporation shall have its own fund and all Fund of the
moneys heretofore or hereafter received by way of gift, Corporation.
bequest, donation, subscription, contribution, 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
Board of Mangement shall determine.
(2) There shall be paid out of the fund all sums of money
as are required to defray any expenditure incurred by the
Corporation in the exercise, performance and discharge of its
powers, duties and functions under this Act .
8. (1) The Board of Management of the Corporation shall Accounts of the
cause proper books of account to be kept of the income and Corporation.
expenditure of the Corporation.
4 K. Jayatillake Foundation (Incorporation)
Act, No. 01 of 2007
(2) The accounts of the Corporation shall be audited by a
qualified auditor appointed by the Board of Management of
the Corporation.
(3) 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 practise as an Accountant issued by
the Council of 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 practise
as an Accountant issued by the Council of such
Institute.
Debts due by 9. All debts and liabilities of the Foundation on the day
and payable to preceding the date of commencement of this Act, shall be
the Foundation.
paid to the Corporation hereby constituted, and all debts
due to, subscriptions and contributions payable to the
Foundation on that date, shall be paid to the Corporation for
the purpose of this Act.
Corporation may 10. The Corporation shall be able and capable in law to
hold property
acquire and hold any property, movable or immovable, which
movable or
immovable. 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,
with full power to sell, mortgage, lease, exchange or otherwise
dispose of them.
Seal of the 11. The seal of the Corporation shall not be affixed to
Corporation.
any instrument whatsoever, except in the presence of such
number of office bearers as may be provided for in the rules
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.
K. Jayatillake Foundation (Incorporation) 5
Act, No. 01 of 2007
.12. If upon the dissolution of the Corporation there Property
remaining on
remains after the satisfaction of all its debts and liabilities,
dissolution.
any property whatsoever, such property shall not be
distributed among the members of the Corporation, but shall
be given or transferred to some 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 Institutes 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 any body corporate or any rights of the
Republic and
other persons.
others.
14. In the event of any inconsistency between the Sinhala text to
Sinhala and Tamil texts of this Act, the Sinhala text shall prevail in case of
inconsistency.
prevail.

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