AN ACT TO PROVIDE FOR THE ESTABLISHMENT
OF A FUND CALLED “THE PRESIDENT’S FUND”
FOR THE PROVISION OF FUNDS FOR THE RELIEF OF POVERTY,
FOR THE ADVANCEMENT OF EDUCATION OR KNOWLEDGE, FOR THE
ADVANCEMENT OF THE RELIGION, FOR THE MAKING OF AWARDS
TO PERSONS WHO HAVE SERVED THE NATION, AND FOR ANY OTHER
PURPOSES BENEFICIAL OR OF INTEREST TO THE PUBLIC; AND
TO PROVIDE FOR MATTERS THEREWITH OR INCIDENTAL THERETO.
Short
Title.
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1. |
This
Act may be cited as the President’s Fund Act
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Establishment
of the President’s Fund.
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2.
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(1)
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There
shall be established a Fund to be called “the
President’s Fund” (hereinafter referred
to as “the Fund”). |
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(2) |
The
Fund shall, by the name assigned to it by subsection
(1), be a body corporate, and shall have perpetual
succession and a common seal and may sue and be
sued in such name. |
Board
of Governors of the Fund.
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3. |
(1) |
The
administration, management and control of the Fund
shall be vested in a Board of Governors constituted
as hereinafter provided. |
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(2)
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The
Board of Governors of the Fund (hereinafter referred
as “the Board”) shall consist of- |
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(a) |
The
President of the Republic; |
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(b) |
the Prime Minister; |
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(c)
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the
Speaker; |
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(d)
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the
Leader of the Opposition; |
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(e)
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the
Secretary to the President; and |
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(f)
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two
other members appointed by the President, each of
whom shall, subject to the provisions of subsections
(3) and (4), hold office for such period as may
be specified in the letter of appointment issued
to him by the President. |
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(3) |
The
President may in his absolute discretion revoke
the appointment of any number appointed by him under
paragraph (f) of subsection (2). |
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(4) |
Any
number of the Board appointed under paragraph (f)
of subsection (2) may at any time resign from the
Board by a letter in that behalf addressed to the
President. |
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(5) |
The
Board may regulate the procedure in regard to its
meetings and the transaction of business at such
meetings. |
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(6) |
No
act or proceeding by the board shall be deemed to
be invalid by reason only of the existence of a
vacancy among its members or any defect in the appointment
of a member thereof. |
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(7) |
The
President shall be the Chairman of the Board. |
Powers
of the Fund.
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4. |
(1) |
The
Board shall, in the name of the Fund, have the power
to-
(a) acquire, hold or manage property, whether movable
or immovable; |
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(b) |
sell,
mortgage, exchange or otherwise dispose of, or deal
with, any property whether movable or immovable,
to which the Fund may become entitled; |
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(c) |
perform
all such acts or thins as may be necessary to give
effect to the provisions of this Act. |
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(2) |
With
effect from the 24th day of November, 1978, all
moneys lying to the credit of the account named
the “President’s Fund Suspense Account”
maintained ant the Central Bank shall vest in the
Fund. |
| The
President’s Fund Account. |
5. |
The
Board shall maintain an account called “The
President’s Fund Account” at the Central
Bank and there shall be credited to such account- |
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(a) |
all
moneys which vest in the Fund by reason of the operation
of subsection (2) of section 4; and |
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(b) |
all
moneys that may accrue to the Fund after the 24th
day of November, 1978. |
| Purposes
for which the moneys of the Fund may be applied.
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6. |
It
shall be the duty of the Board to apply the moneys
belonging to the Fund in such manner as the Board
may determine, subject to the directions of the
President- |
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(a) |
for
the relief of poverty ; or |
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(b) |
for
the advancement of education or knowledge ; or |
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(c) |
for
the advancement of religion or the maintenance of
religious rites and practices; or |
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(d) |
for
other purpose, which is in the opinion of the President
and the Board, of benefit or interest to the Public.for
the advancement of religion or the maintenance of
religious rites and practices; or |
| Investment
of moneys of the Fund. |
7. |
Any
moneys belonging to the Fund may be invested by
the Board in such manners as the Board may determine,
subject to such directions as may be given by the
President. |
| Officers
and servants of the Fund. |
8. |
The
Board shall have the power, subject to the directions
of the President, |
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(a) |
to
appoint such officers and servants of the Fund as
may be necessary for the administration and management
of the affairs of the Fund, |
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(b) |
to
determine the remuneration payable to the officers
and servants so appointed, |
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(c) |
to
pay such remuneration and the other expenses incurred
in the administration of the affairs of the Fund,
out of the income of the Fund. |
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| Audit
and accounts. |
9. |
(1) |
The
Board shall cause proper accounts to be kept of
the income and expenses of the Fund. |
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(2) |
The
Auditor-General shall audit the accounts of the
Fund every year. For the purpose of assisting him
in the audit of such accounts, the Auditor-General
may employ the services of any qualified auditor
who shall act under his direction and control. |
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(3) |
For
the purpose of meeting the expenses incurred by
him in the audit of the accounts of the Fund, the
Auditor-General shall be paid out of the income
of the Fund, such remuneration as the Board may
determine. Any remuneration received from the Fund
by the Auditor-General shall, after the deduction
therefrom of any sums paid by him to any qualified
auditor or auditors employed by him for the purpose
of such audit, be credited to the Consolidated Fund. |
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(4) |
The
Auditor-General shall, as soon as practicable after
the thirty-first day of December of each year, prepare
a report on the administration of the Fund during
that year together with a statement of the income
and expenditure of the Fund, and of the investment
of the moneys belonging to the Fund, during that
year. |
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(5) |
In
this section, the expression “qualified auditor”
means- |
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(a) |
an
individual who, being a member of the Institute
of Chartered Accountants of Sri Lanka or of any
other institute established by law, possesses a
certificate to practise as an Accountant issued
by the Council of such Institute; or |
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(b) |
a
firm of Chartered Accountants each of the resident
partners of which, being a member of the Institute
of Chartered Accountants of Sri Lanka or any other
Institute established by law, possesses a certificate
to practise as an Accountant issued by the Council
of such Institute. |
| Auditor
General’s report and statement to be placed
before Parliament. |
10. |
The
Auditor-General shall transmit the report and statement
prepared by him in pursuance of subsection (4) of
section 9 to the Minister in charge of the subject
of Finance, who shall cause such report and statement
to be placed before Parliament. |
| Power
of Board to make rules. |
11. |
The
Board may make such rules as it may consider necessary
in relation to any matter affecting or connected
with, or incidental to, the exercise, discharge
and performance of its powers, functions and duties. |
| Officers
and servants of the Fund deemed to be public servants
within the meaning of the Penal Code Interpretation. |
12. |
All
officers and servants of the Fund shall be deemed
to be public servants within the meaning, and for
the purpose, of the Penal Code. |
| Interpretation. |
13. |
In
this Act. “Central Bank” means the Central
Bank of Ceylon established by the Monetary Law Act. |
