Leprosy Association of Sri Lanka Law (No. 21 of 1974)

Sri Lanka Consolidated Acts

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Leprosy Association of Sri Lanka Law (No. 21 of 1974) - Sect 20

Finance

9. The rules set out in the Schedule to this Law shall for all purposes be the rules of the Corporation: Provided, however, that nothing in this section contained shall be held or be construed to prevent the Corporation at all times hereafter from making fresh rules or from altering, amending or adding to the existing rules or to rules which are hereafter made by the Corporation.

Finance.

(a) The financial year of the Association shall commence on 1st January and terminate on 31st December of each year.

(b) All monies received on account of subscriptions, bequests, donations, sale of rules, brochures and other publications, interest on investments and on any other account shall be applied in carrying out the objects of the Association according to the rules hereof.

(c) The funds of the Association may on the direction of the Council be invested in any of the following, that is to say, the National Savings Bank, or in the public funds, in the purchase of land or in the erection or alteration of offices or other buildings thereon or in any investment for the time being by law authorized for investment of trust funds.

(d) The Council may purchase or take on: lease any land and may sell, exchange, mortgage, lease or build upon such land, and shall be empowered to alter, repair, maintain or dismantle any building and to rebuild the same. All transactions relating to such property and investments shall be in the name of the Trustees of the Association.

(e) If so authorized by a resolution passed at a meeting of the Council the Chairman may borrow money for the purpose of the Association's business. The resolution shall state whether security is to be given for the money borrowed, and, in the event, shall specify what the nature of the security shall be; and shall if necessary, authorize the Trustees to execute any document that may be required for such purpose:

(f) Operation of Account.-The bank account of the Association shall be operated by the Honorary Treasurer or the Honorary Assistant Treasurer and any one of the following: -

	(i) the President,

	(ii) the Chairman,

	(iii) the Honorary Secretary, or

	(iv) the Honorary Assistant Secretary.

(g) An Auditor or Auditors shall be elected annually at the Annual General Meeting at such fee as may be fixed by the Council. The Auditor shall audit the accounts of the Association submitted by the Honorary Treasurer as soon as possible after the close of the financial year and shall present the audited accounts to the Council.

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