7.
| (1) The Council shall establish and maintain a fund under its management and control into which shall be paid all moneys received by the Council and out of which shall be met all expenses and liabilities incurred by the Council in carrying out its powers, functions and duties under this Act, |
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| (2) The Council must invest moneys in the fund in any securities issued or guaranteed by the Government of Sri Lanka or in any other securities or deposits or in such investments as approved by the Council. |
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| (3) The Council may borrow or raise money for the purposes of the Corporation in such manner as it thinks fit. |
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| (4) The Council may sell. lease. rent, hire, exchange, mortgage, dispose of. or otherwise deal with all or any part of the property of the Corporation as may he deemed expedient for the promotion of its objects. |
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| (5) The Council may acquire any property movable or immovable by purchase, gift or in any other manner. |
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| (6) The Council may maintain an account in any bank or bunks in Sri Lanka. |
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| (7) The Council shall cause proper books of account to be kept with respect to "
| | (a) all sums of money received and expended by the Corporation and the matters in respect of which such receipts and expenditure takes place ; | | |
| | (b) all sales and purchases of goods by the Corporation ; | | |
| | (c) The assests and liabilities of the Corporation. | | |
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| (8) The books of account shall be kept at she office of the Corporation or such other place or places as the Council shall think fit and shall always be open to the inspection of the members of the Council or the Corporation. |
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| (9) The annual accounts of the Corporation shall be subject to audit by a qualified Auditor or Auditors recognised under the Companies Act. No. 17 of 1982 and. appointed for this purpose. |
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| (10) The financial year of the Corporation shall be the period of twelve months commencing on the First day of April in any year and terminating on the Thirty First day of March in the next succeeding year. |
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| (11) As soon as may he after the end of the financial year. the statement of accounts duly audited shall be published in the Gazette and copies of the accounts shall be forwarded to the Minister of Finance and each member of the Corporation. |
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Sri Lanka Consolidated Acts