View All - 2010 Acts
Section No :  
Acts & Ordinances
Hampton Village Sri Lanka Trust (Incorporation)
listen to the page or the text you have selected
Hampton Village Sri Lanka Trust (Incorporation)
AN ACT TO INCORPORATE THE HAMPTON VILLAGE SRI LANKA TRUST
Preamble.

WHEREAS a Trust called and known as "The Relief Fund Hampton Sri Lanka Trust" has heretofore been established in Sri Lanka for the purpose, inter alia, of constructing model village to be named as the “Hampton Village- Sri Lanka" for the Tsunami victims in Sri Lanka in the District of Galle according to the rules agreed to by its members:

AND WHEREAS the Board of Trustees of the said Trust has applied for the incorporation of the said Trust and it will be to the public advantage to Grant the application:

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

[09th February , 2010 ]
Short Title.

1. This Act may be cited as the Hampton Village Sri Lanka Trust (Incorporation) Act, No. 3 of 2010.

Incorporation of the Hampton Village Sri Lanka Trust.

2. From and after the date of commencement of this Act, such and so many persons as are now members of “The Relief Fund Hampton Sri Lanka Trust" (hereinafter referred to as "The Relief Fund Hampton Sri Lanka Trust") or shall hereafter be admitted as members of the Corporation hereby constituted shall be a body corporate (hereinafter referred to as the "Corporation") with perpetual succession and a common seal under the name and style of The Hompton Village Sri Lanka Trust 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.

General objects of the Corporation.

3. The General Objects for which the Corporation is constituted are hereby declared to be-

(a) to construct a model Village named Hampton Village-Sri Lanka consisting of fifty houses, a community centre including a play ground, place of worship, facilities for the sale of necessaries and groceries and other buildings or structures that may be required for the said village;

(b) to take all necessary measures for the maintenance, improvement and management of the said village;

(c) to promote cultural relationships between the residents of Hampton Village Sri Lanka and the residents in Hampden Middlesex, England;

(d) to advance the education and training of students and yong persons in particular of those residents in the Village;

(e) to promote the economic, social and cultural advancement, in particular of those residents in the Village.

Management of the affairs of the Corporation.

4.

(1) The affairs of the Corporation shall subjects to the rules of the Corporation to be made under section 6, be administered by a Board of Directors (hereinafter referred to as the "Board") consisting of the Chairman, Vice Chairman and other office bearers elected or appointed in accordance with the rules of the Corporation.

(2) The first Board shall consist of the members of the Board of Trustees of the Relief Fund Hampton Sri Lanka Trust on the day immediately preceding the date of commencement of this Act.

(3) The members of the Board shall act purely in an honorary capacity and shall not be entitled to receive any remuneration by way of salary, allowance or honorarium, but shall be re-imbursed for expenses actually incured by them in the performance of their duties.

(4) A person shall be disqualified from being appointed or continuing in office as amember of the Board, if he :-

(a) is a person who having been declared an insolvent or bankrupt under any law in force in Sri Lanka, or any other country, is an undercharged insolvent or bankrupt;

(b) is convicted of an offence involving moral turpitude;

(c) is under any law in force in Sri Lanka found or declared to be of unsound mind or mentally deficient;

(d) is absent from Sri Lanka for a continuous period exceeding one year without perviously obtaining the consent of the Board; or

(e) neglects or fails to act as a Director.

General powers of the Corporation.

5. 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 any one of them including the power to:-

(a) acquire, hold, take or give on lease or hire, mortgage, pledge, sell, exchange, or otherwise alienate or dispose of any immovable property for the purpose of the Corporation;

(b) enter into and perform or carry out, whether directly or through any officer or agent authorized in that behalf by the Corporation, all such contracts or agreements as may be necessary for the attainment of the objects or the exercise of the powers of the Corporation;

(c) accept gifts, donations and bequests in cash or in kind;

(d) invest its funds, and to maintain current deposits and savings accounts in any bank;

(e) borrow or invest money for the pusposes of the Corporation in such manner and upon such security as the Corporation may think fit; and

(f) appoint, employ, transfer, exercise disciplinary control over and dismiss officers and servants required for the carrying out of the objects of the Corporation.

Rules of the Corporation.

6.

(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, to make rules not inconsistent with the provisions of this Act or other written law on all or any of the following matters :-

(a) the classification of members and membership and the admission, withdrawal or expulsion of members ;

(b) the election of office-bearers, the resignation from, vaction of, or removel from office and their powers and duties ;

(c) the election of members to the Board and its powers conduct and duties ;

(d) the powers, duties and functions of the various officers, agents and servants of the Corporation ;

(e) the procedure to be observed at meetings of the Board or the summoning and holding of meetings of the Board, the time, places, notices and agenda of such meetings and the quorum therefore and the conduct of business thereat ; and

(f) the administration and management of the property of the Corporation and the custody of its funds.

(2) Any rule made by the Corporation may be amended, altered, added to or rescinded at a like meeting and in like manner as a rule made under subsection (1).

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

Fund of the Corporation.

7.

(1) The Corporation shall have its own fund and all moneys heretofore or hereafter received by way of gifts, testamentary dispositions, transfers, donations, subscriptions, contributions, fees or grants or any financial investment shall be deposited to the credit of the fund of the Corporation in one or more Banks as may be determined by the Board.

(2) All expenses incurred by the Corporation in exercising and discharging its powers and functions shall be paid out of the fund.

Audit and Accounts.

8.

(1) The financial year of the Corporation shall be the 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 appointed by the Board.

(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 such Institute.

Seal of the Corporation.

9. The seal of the Corporation shall be in the custody of the Secretary and shall not be affixed to any instrument whatsoever except in the presence of the President and the Secretay of the Corporation or such other person duly authorized by the Board who shall sign their names on the instrument in token of their presence and such signing shall be independent of the signing of any person as a witness.

Debts due by and payable to the Trust.

10. All debts and liabilities of the Relief Fund Hampton Sri Lanka Trust existing on the day preceding the date of commencement of this Act shall be paid by the Corporation hereby constituted and all debts due to, subscriptions and contributions payable to the Relief Fund Hampton Sri Lanka Trust on that day shall be paid to the Corporation for the purpose of this Act.

Limitation of Liabilitiy of members.

11. No member of the Corporation shall, for the purpose of discharging the debts and liabilities of the Corporation or for any other purpose, be liable to make any contribution exceeding the amount of such membership fees as may be due from him to the Corporation.

Application of moneys and property.

12. The moneys and property of the Corporation howsoever derived shall be applied solely towards the promotion of its objects as set forth herein and no portion thereof shall be paid or transferred directly or indirectly by way of dividend, bonus, profit or otherwise howsoever to the members of the Corporation.

Corporation may hold property movable and immovable.

13. Subject to the provisions of this Act, the Corporation shall be able and capable in law to acquire 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 purposes of the Corporation and subject to the rules of the Corporation made under section 6, with full power to sell, mortgage, lease, exchange or otherwise dispose of, the same.

Property remaining on dissolution.

14. If upon the dissolution of the Corporation there remains after the satisfaction of all its debts and liabilities, any property whatsoever, such property shall not be distributed among the members of the Corporation but shall be given or transferred to some other association or associations having objects similar to the objects of the Corporation, and which is, or are by the rules thereof prohibited from distributing any income or profit among its or their members. Such association or associations shall be determined by the members of the Corporation at or immediately before the time of dissolution of the Corporation.

Saving of the rights of the Repubilc and others.

15. Nothing in this Act contained shall prejudice or affect the rights of the Republic or any body politic or corporate.

Sinhala Text to prevail in case of inconsistency.

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