MAHAPOLA HIGHER EDUCATION
SCHOLARSHIP TRUST FUND ACT

Arrangement of Sections

1. Short title.

2. Incorporation of the Mahapola Higher Education Trust Fund.

3. Board of Trustees of the Fund.

4. The seal of the Fund.

5. Aims and objects of the Fund.

6. Powers and functions of the Board.

7. Payments into the Fund.

8. Payments out of the Fund.

9. Contracts, of the Trust Fund deemed to be those of Corporation.

10. Accounts and audit.

11. Financial year of the Fund.

12. Exemption of Fund from certain duties and taxes.

13. Protection of members of the Board and officers, of the Fund for action under this Act.

14. No writ to issue against person or property of a member of the Board or officer, of the Fund.

15. Officers and servants of the Fund deemed to be public servants under the Penal Code.

16. Fund deemed to be a scheduled institution within the meaning of the Bribery Act.

17. Provision of this Act to prevail over provisions of the Deed.

18. Saving of the rights of the Republic and others.

19. Interpretation.

66 of 1981.

AN ACT to incorporate the Mahapola Higher Education Scholarship Trust Fund.

[Date of Commencement: 29th October, 1981]

1. Short title.

This Act may be cited as the Mahapola Higher Education Scholarship Trust Fund Act.

2. Incorporation of the Mahapola Higher Education Trust Fund.

From and after the date of commencement of this Act, the Mahapola Higher Education Trust Fund shall be a body corporate with perpetual succession under the name and style of "The Mahapola Higher Education Scholarship Trust Fund”(hereinafter referred to as "the Fund”) and by that name may sue and be sued in all courts, with full power and authority to have and to use a common seal.

3. Board of Trustees of the Fund.

(1) The administration, management and control of the Fund shall be vested in a Board of Trustees constituted as hereinafter provided.

(2) The Board of Trustees of the Fund (hereinafter referred to as "the Board”) shall consist of the following members—

(a) the founder;

(b) the persons for the time being holding office as—

(i) the Chief Justice of the Supreme Court;

(ii) the Secretary to the Ministry of the Minister in charge of the subject of Higher Education;

(iii) the Secretary to the Ministry of the Minister in charge of the subject of Education; and

(iv) the Secretary to the Ministry of the Minister in charge of the subject of Trade; and

(c) two persons appointed by the founder (here in after referred to as, appointed members), for a period of five years:

Provided, however, that the two present Trustees other than those referred to in paragraph 11 of the Deed shall ‘be deemed to be the first appointed members under this Act.

(3) The members present at the first meeting of the Board shall elect one from their number to be the Chairman of the Board.

(4) An appointed member of the Board may at any time resign his office by written communication addressed to the Chairman.

(5) A person shall be disqualified from being appointed or continuing in office as a member of the Board if he is—

(a) a person who, having been declared an insolvent or bankrupt under any law in force in Sri Lanka or in any other country, is an undischarged insolvent or bankrupt; or

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VALUE ADDED TAX (AMENDMENT) ACT, NO. 20 OF 2016


PORTS AND AIRPORTS DEVELOPMENT LEVY (AMENDMENT) ACT, NO. 21 OF 2016


NATION BUILDING TAX (AMENDMENT) ACT, NO. 22 OF 2016


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