Sri Lanka Consolidated Acts

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Sahanoda Foundation (Incorporation) Act (No. 20 of 2000) - Sect 10

Fund of the Corporation

10.
(1) The Corporation shall have its own fund and all moneys received by way of donations, gilts, testamentary dispositions, transfers, contributions or fees shall be deposited in the name of the Corporation in one or more Banks as the Board of Management shall determine.
(2) The Corporation may establish a depreciation fund or a sinking fund for the purpose of rehabilitation, development or improvement of the properly of the Corporation.
(3) All expenses incured by the Corporation in the exercise and discharge of the powers and functions of the Corporation shall be paid out of the fund.


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