Sri Lanka Consolidated Acts

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Katuwana Adults Care Centre Development Foundation (Incorporation) Act (No. 29 of 2000) - Sect 7

Fund of the Corporation

7.
(1) The Corporation shall have its own Fund. All monays received by way of gift, bequest, donation, transfer, subscription, contribution or fees shall be deposited to the credit of the Corporation in one or more Banks as the Board of Trustees shall determine.
(2) There shall be paid out of the Fund of the Corporation, all such sums of money as may be required to defray any expenditure incurred by the Corporation in carrying out the objects of the Corporation.
(3) The moneys and property of the Corporation wheresoever derived shall be applied solely towards the promotion of the objects as set forth herein and no protion thereof shall be paid or transferred directly or indirectly by way of divident, bonus or otherwise, to any member of the Corporation.


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