7.
| (1) The Board shall, in the name of the Fund, have, subject to the provisions of this Act and any other law, the power to do all such acts, as are necessary for, or conducive or incidental to, the carrying out of the objects of the Fund. |
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| (2) Without prejudice to the generality of the powers conferred by subsection (1), the Board may exercise and discharge the following powers and functions:
| | (a) to raise funds, or receive grants, gifts or donations in cash or kind, whether from local or foreign sources ; | | |
| | (b) to acquire, hold, take or give on lease or mortgage, pledge, sell or otherwise dispose of, movable or immovable property; | | |
| | (c) to conduct lotteries with the approval of the Government to collect moneys, for the furtherance of the objects of the Fund ; | | |
| | (d) to hold competitions and to award prizes, certificates and other forms of recognition to any Gramodaya Mandalaya, any member thereof or any other person who takes part in any such competition ; | | |
| | (e) to enter into or perform either directly or through officers and servants or agents authorized, in writing in that behalf by the Board, all such contracts and agreements as may be necessary for the exercise, discharge and performance of the powers, functions and duties and for carrying out the objects of the Fund; | | |
| | (f) to invest funds belonging to the Fund in any such investments as are authorized by law and to recall, reinvest and vary such investments and to collect income accruing from such investments; | | |
| | (g) to make rules in relation to all matters connected with the working of the Fund, the financial control of, and accounting procedures relating to, any moneys disbursed to any Gramodaya Mandalaya, the procedure for application by Gramodaya Mandala for financial or any other assistance from the Fund, and the conditions to be imposed for ensuring the proper application of any financial or other assistance granted to Gramodaya Mandala by the Fund; | | |
| | (h) subject to the provisions of this Act, to appoint, employ and remunerate officers and servants of the Fund and to make rules regarding the appointment, promotion, remuneration and disciplinary control of its employees and the grant of leave and other benefits to them; and | | |
| | (i) to do such other acts and things as the Board may consider necessary or conducive for the attainment of the objects of the Fund. | | |
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Sri Lanka Consolidated Acts