9. The following section is inserted immediately after section 11 and shall have effect as section 11A of the Principal enactment :-
| 11A.
| | (1) A Board consisting of the President, the senior Vice-President, the Honorary Secretary and Honorary Treasurer of the council, for the time being, and the immediate past President of the council is hereby established as the Board of Trustees of the Sri Lanka Institute of Architect (hereinafter referred to as "the Board of Trustees") to administer and manage the property of the Institute. | | |
| | (2) The Board of Trustees shall be a body corporate with perpetual succession under the name of " the Board of Trustees of the Sri Lanka Institute of Architects", with full power to sue and be sued in that name, | | |
| | (3) The Board of Trustees shall have power-
| | | (a) to acquire, hold, take or give, on lease or hire, mortgage, pledge, sell and exchange or otherwise alienate, encumber or dispose of, any immovable or movable property, for the benefit of the Institute ; |
| (b) to invest the funds of the trust for the benefit of the institute, and to utilize such funds for setting up benefit schemes, welfare schemes, insurance schemes and other social services schemes for the benefit of the members, officers and servants of the institute, and their dependants ; |
| (c) to set up maintain libraries and an architectural archive. |
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| | (4) All property held by the Institute, on the day preceding the date on which this section comes into force, Shall with effect from the date on which this section comes into force, vest in the Board of Trustees, who shall hold such property for the benefit of the institute. | | |
| | (5) from and after coming into fore of this section the institute shall cease to
| | | (a) the powers conferred on it by paragraph (a) of section 4, in so far as those powers relate to immovable property ; |
| (b) the powers conferred on it by paragraph (c) of section 4, in so far as those powers relate to investment of funds ; |
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| | (6)
| | | (a) The Board of Trustees shall cause proper books of accounts to be kept of the income and expenditure assets and liabilities and all other transactions of the Board of Trustees. |
| (b) The accounts of the Board of Trustees shall be audited by a qualified auditor or auditors appointed by such Board. |
| (c) In this subsection, "qualified auditor" means-
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| (7) The provisions of this section shall come into force on 25th day of September, 1996 '. |
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Sri Lanka Consolidated Acts