Sri Lanka Consolidated Acts

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Serendib Foundation (Incorporation) Act (No. 12 of 1991) - Sect 5

Corporation to be a non profit making organization

5.
(1) The Corporation shall be organized and operated as a non-profit making organization, and no part of the gains, profits or dividends, if any, of the Corporation shall be distributed among the members of the Corporation.
(2) In the event of the dissolution of the Corporation, all the assets remaining after payment of all the debts and liabilities thereof, shall be transferred to, or for the benefit of, any fund or organization established or organized exclusively for charitable or educational purposes.

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