Sri Lanka Consolidated Acts

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National Gem And Jewellery Authority Act (No. 50 of 1993) - Sect 25

Incorporation Orders for establishment of Institutions

25.
(1) Where the Minister considers it necessary that an Institution should be established for the purpose of assisting in the development of the gem industry or the jewellery industry, the Minister may, with the approval of the Cabinet of Ministers by Order (hereinafter referred to as an "Incorporation Order ") published in the Gazette
(a) declare that an Institution shall be established to perform such functions as may be specified in such Order ;
(b) assign a corporate name to the Institution;
(c) specify the Initial Capital of the Institution and specify the amount that may be payable out of the Consolidated Fund and the amount, of any, payable by the Authority from its Fund or by any Institution established under this Part;
(d) specify the objects of the Institution ;
(e) specify the powers of the Institution ;
(f) fix the number of members of the Board of Directors of the Institution, the number so fixed being not more than five and not less than three;
(g) appoint the first members of the Board of Directors in accordance with the provisions of this Part;
(h) appoint the first Chairman of the Board of Directors in accordance with the provisions of this Part;
(i) specify the quorum for meetings of the Board of Directors.
(2) Upon the publication of an Incorporation Order under subsection (1) in the Gazette, an Institution (hereinafter in this Part referred to as the " Institution ") with the corporate name specified in such Order and with perpetual succession shall be deemed to have been established.
(3) The Authority may, from time to time, give the Institution, general or special directions in writing as to the exercise of its powers and the performance of its duties and such directions shall be carried out by the Institution.

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