10.
| (1) Every Board established for a school shall maintain a Fund to be called the School Development Fund. |
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| (2) There shall be paid into the School Development Fund maintained by such Board, all such monies as may be received by such Board from the Government or any Provincial Council, all monies being levied by such school as facilities fees prior to the appointed date all monies collected from projects held in aid of such school and such voluntary contributions as may be received by such Board from well wishers of the school. |
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| (3) All such monies and contributions paid to the School Development Fund maintained by such Board under sub section (2) shall be deposited in any licensed Commercial Bank within the meaning of the Banking Act, No. 30 of 1988, in the name of such Board. |
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| (4) A Board established for a school may, subject to the guidelines, if any, laid down by the Appropriate Educational Authority, utilize the monies in the School Development Fund maintained by it for the development of that school |
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| (5) Every contribution made to the School Development Fund maintained by such Board shall be deemed for the purposes of the Inland Revenue Act, No. 28 of 1979, to be a donation made in money to a Fund established by the Government. |
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Sri Lanka Consolidated Acts