Sri Lanka Consolidated Acts

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Board Of Trustees Of The S.W.R.D.Bandaranaike (Memorial) Scholarship Trust (Incorporation) Act (No. 22 of 1991) - Sect 5

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.

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