20.
| (1) An annual general meeting of members of the Corporation shall be held not later than the thirty-first day of March of each year, at which there shall be submitted the annual report, together with the balance sheet containing a statement of assets and liabilities of the Corporation as on the preceding thirtieth day of September and an account of income and expenditure of the Corporation during the twelve months ending on the thirtieth day of September of the preceding year. |
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| (2) The balance sheet and statement of accounts shall-
| | (a) be prepared by the Treasurer; | | |
| | (b) be duly examined and audited and the correctness thereof certified prior to the annual general meeting at which the same are submitted by one or more auditors elected at the preceding annual general meeting; and | | |
| | (c) be forwarded in triplicate to the Permanent Secretary not later than one month from the date of the annual general meeting. | | |
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| (3) There shall be elected at every annual general meeting one or more auditors for the purpose of auditing the accounts of the Corporation for the ensuing year, and the expenses incurred by such auditor or auditors shall be met out of the funds of the Corporation. |
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| (4) The election of an auditor under subsection (3) shall not be valid until it is approved by the Permanent Secretary. |
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| (5) No person shall be elected auditor under subsection (3) unless he is-
| | (a) a member of the Institute of Chartered Accountants of Ceylon; | | |
| | (b) a member of the Institute of Chartered Accountants in England and Wales or of any society incorporated by Royal Charter whose members are entitled to use the designation " Chartered Accountant "; | | |
| | (c) a member of the Society of Incorporated Accountants and Auditors of Great Britain; or | | |
| | (d) a public auditor appointed under section 18 of the Societies Ordinance. | | |
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| (6) If no auditor is elected under subsection (3) or if any auditor elected under that subsection is unable to act as such owing to death or any other cause, or refuses or neglects to perform his duties, the Committee may elect an auditor who shall be deemed to have been duly elected under subsection (3). |
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| (7) Every auditor elected by the members of the Corporation or by the Committee shall receive such remuneration for his services as may be fixed by the members of the Corporation or the Committee, as the case may be, at the time of his election. |
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| (8) If no election of an auditor or auditors is made as aforesaid, the Permanent Secretary may, on the application of any member of the Corporation, appoint an auditor or auditors for the purpose of examining and auditing any such balance sheet and statement of accounts and may fix the remuneration to be paid to him or them by the Corporation, and such remuneration shall be paid accordingly. Any auditor or auditors so appointed shall be deemed to have been duly elected under subsection (3). |
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| (9) At every such annual general meeting all business shall be transacted of which due notice has been given, and there shall also be elected the President, the Vice-President, the Secretary, the Treasurer, and the required number of elected members of the Committee who shall respectively hold office as such until the next subsequent annual general meeting. |
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Sri Lanka Consolidated Acts