Sri Lanka Consolidated Acts

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Kelani Young Men's Buddhist Association Act (No. 19 of 1966) - Sect 11

Power of executive committee to deal with property to be subject to control of general meeting and of board of governors

11. No act of the executive committee of the corporation shall be valid or effective for the purpose of transferring any rights in the property or funds of the corporation or for creating any liability or claim against the corporation unless such act has been previously authorized by a general meeting of the corporation and by a majority of the board of trustees present at a meeting of the board: Provided that no such authorization shall be necessary in the case of any of the following: -
(a) lease of any immovable property for a period not exceeding one year;
(b) disposal of any movable property of a value not exceeding one thousand rupees;
(c) any extra-ordinary expenditure not exceeding one thousand rupees in any financial year in addition to the ordinary expenses of the corporation.

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