8. The Board shall have such powers and functions as may reasonably be necessary to carry out its objects and in particular -
| (a) shall receive all sums paid under this Act as contributions to the Fund and the income from the investment of moneys of the Fund and shall credit all such sums and income to the Fund ; |
|
| (b) shall have custody of the moneys of the Fund , |
|
| (c) shall pay to the persons certified by the Board the benefits to which such persons are entitled under this Act; |
|
| (d) may invest such of the moneys of the Fund as are not immediately required for the purposes of this Act in such shares or securities as the Board may consider fit and may sell such shares and securities ; |
|
| (e) shall maintain a general account in respect of the Fund ; |
|
| (f) shall cause the books of accounts relating to the Fund to be balanced as on the thirty-first day of December of such year ; |
|
| (g) shall cause to be prepared in respect of the Fund for each year, a statement of receipts and payments, a statement, of income and expenditure a statement of assets and liabilities and a statement of investments showing the face value, purchase price and market value of each of the investments; |
|
| (h) shall transmit to the Minister a copy of each of the statements prepared under paragraph (g) in respect of each year before the thirtieth day of September of the succeeding year ; |
|
| (i) shall deduct from the income of the investments of moneys of the Fund in respect of each year, the expenses incurred in that year by the Board in carrying out and giving effect to the provisions of this Act; |
|
| (j) may receive grants, gifts or donations in cash or otherwise whether from local or foreign sources ; |
|
| (k) may acquire, hold, take or give on lease or hire, mortgage, pledge and sell or otherwise dispose of any movable or immovable property ; |
|
| (l) may appoint such officers and servants as may be required by the Board for exercising its powers, performing its duties and discharging its functions under this Act. |
|
|
Sri Lanka Consolidated Acts