16. Subject to the provisions of this Act and the Statutes and Rules, the Dayaka Mandalaya shall have and perform the following powers, duties and functions: -
| (a) to administer the moneys and properties of the University and to invest any moneys belonging to the University, including any unapplied income, in any security in which under the provisions of section 20 of the Trusts Ordinance or of any written law, it is lawful to invest trust moneys; or with the approval of the Minister of Finance, to invest any such moneys in the purchase of immovable property in Ceylon or vary such investments; or to place on fixed deposit in any bank approved by the Minister of Finance any portion of such moneys not required for immediate expenditure; |
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| (b) to appoint officers of the University whose appointments are not otherwise provided for and servants of the University, to determine all matters relating to their conditions of employment and to suspend or dismiss or otherwise punish any such officer or servant on the grounds of incapacity or conduct which, in the opinion of the members of the Dayaka Mandalaya, renders him unfit to be an officer or a servant of the University; |
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| (c) to manage Halls of Residence for the residence of the students of the University; |
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| (d) to make such provision as may be necessary to enable a teacher of the University to maintain a standard of life as befits his position; |
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| (e) to provide teachers of the University with facilities for such travel as is necessitated by their work in the University; |
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| (f) to receive and accept bequests, donations and grants of any property to the University; |
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| (g) to prepare the financial estimates of the University; |
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| (h) to consider the annual accounts of the University and cause such accounts to be audited by an auditor appointed by the Auditor-General and when audited, to be published in the Gazette; and |
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| (i) to deal with all financial matters pertaining to the University. |
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Sri Lanka Consolidated Acts