35.
| (1)
| | (a) The Board of Governors may by a resolution passed by a vote of not less than three-fourths of the whole number of members, including those not present, at a meeting of which not less than eight weeks notice has been given setting out in full the text of the proposed resolution, decide to terminate the operations and activities of the Institute on the ground that the objectives of the Institute have been attained to a satisfactory degree or that the Institute is no longer able to function effectively: | | |
| | (b) Upon such a resolution being passed
| | | (i) the Institute shall forthwith cease all-its activities and operations, except as necessary for or incidental to the orderly winding up of its affairs, the preservation and realisation of assets and the settlement of its obligations, and |
| (ii) the lands and buildings provided by the Government of Sri Lanka (or any other host country) as well as any permanent capital improvements thereto and all rights and interests thereto and therein shall revert to the Government of Sri Lanka, (or such other host country) subject to the occupation and use by the Institute for the period necessary for the orderly winding up of its affairs. |
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| | (c) Upon the completion of the winding up of the affairs of the Institute, all the assets of the Institute (other than those referred to in sub-paragraph (ii) of the preceding paragraph) or the proceeds of sale thereof, shall by a resolution of the Board of Governors be disposed of exclusively to or for the benefit of an organization or organizations organized and operated exclusively for charitable purposes. | | |
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| (2) Whether upon the winding up of the affairs of the Institute or otherwise, no part of the assets, income, profits. or net earnings of the Institute shall ensure to the benefit of any officer, employee, agent or trustee of the Institute, members of the Board or any other person, except as reasonable compensation or remuneration paid for services rendered to the Institute in relation to its objectives or activities. |
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Sri Lanka Consolidated Acts