Sri Lanka Consolidated Acts

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Al-kulliyathun Nooriya (Arabic College) Kannattota (Incorporation) Act (No. 10 of 2000) - Sect 8

Fund of the Corporation

8.
(1) The Corporation shall have its own fund and all moneys heretofore or hereafter to be received by way of gift, bequest, donation, subscription, contribution, lees or grants, for or and on account of the Corporation shall be deposited in one or more banks as the Corporation shall determine.
(2) There shall be paid out of the fund, all such sums of money as are required to defray any expenditure incurred by the Corporation in the exercise and discharge of its powers and Junctions under this Act.
(3) The money and properly of the Corporation. howsoever derived shall be applied solely towards the promotion of the objects of the Corporation.


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