Sri Lanka Consolidated Acts Sri Lanka Consolidated ActsCorporation may hold property movable and immovable
| 9. The Corporation shall be capable in law to take and hold any property, movable or immovable, which may be come vested in it by virtue of any purchase, grant, gift, testamentary disposition, or otherwise, and all such property shall be held by the Corporation for the purposes of this Act and subject to the rules of the Corporation, with full power (subject to any trust attaching to such property and to the law regulating such trusts) to sell, let, lease, exchange, or otherwise dispose of the same : Provided, however, that every intended purchase, sale, disposition or alienation (inclusive of lease or exchange) of immovable property by the Corporation shall be carried out only with the prior, approval of the Board of Management obtained by a majority of votes of two-thirds of the members of the Board present and voting at a duly convened meeting for that purpose. |