SHRAMA VASANA FUND ACT

Arrangement of Sections

1. Short title.

2. Establishment of Shrama Vasana Fund.

3. Board of Trustees of the Fund.

4. Constitution of the Board.

5. Seal of the fund.

6. Objects of the Fund.

7. Powers and functions of the Board.

8. Directions of the Minister to the Board.

9. Power of the Minister to investigate in to activities of the Fund.

10. Payment to the Fund.

11. Payments out of the Pupil.

12. Accounts and Audit.

13. Lotteries to be conducted for the Fund by the Lotteries Board.

14. Power of the Board to make rules.

15. Exemption of the Fund from certain taxes.

16. Protection of members of the Board for action under the Act.

17. No writ to issue against person or property of a member of the Board.

18. Fund deemed to him a Scheduled Institution within the meaning of the Bribery Act.

19. Officers and, servants or the Fund deemed to be public servants.

20. Sinhala text to prevail in case of inconsistency.

21. Interpretation.

12 of 1998.

AN ACT to provide for the establishment of a fund called and known as "Shrama Vasana Fund” for the provision of moneys for the welfare of employees; and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 31st March, 1998]

1. Short Title.

This Act may be cited as the Shrama Vasana Fund Act.

2. Establishment of Shrama Vasana Fund.

(1) There shall be established a Fund which shall be called the Shrama Vasana Fund (hereinafter referred to as "the Fund”).

(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.

3. Board of Trustees of the Fund.

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

(2) The Board shall, for the purposes of administering the affairs of the Fund, exercise, discharge and perform, the powers, and functions conferred on or assigned to the Fund by this Act.

(3) Subject to the provisions of the Act, the Board shall have the power to make rules to regulate the procedure relating to its meetings and the transaction of business at such meetings.

4. Constitution of the Board.

(1) The Board shall consist of the following—

(a) Secretary to the Ministry of the Minister in charge of the subject of Labour who shall be the Chairman of the Board (hereinafter referred to as the "Chairman”);

(b) a representative of the Ministry of the Minister in charge of the subject of Finance, nominated by the Minister, in consultation with the Minister in charge of the subject of Finance; and

(c) Four persons appointed by the Minister, (hereinafter referred to as "appointed members”).

(2) —

(a) tvery appointed member shall unless he vacates office earlier by death, resignation or removal, hold office for a period of three years from the date of his appointment to such office.

(b) every appointed member may resign his office by a letter in that behalf addressed to the Minister and such resignation shall take effect upon it being accepted by the Minister.

(c) the Minister may, without assigning any reason therefore, remove any appointed member from office.

(d) where any appointed member is, by reason of illness or other infirmity or absence from Sri Lanka, temporarily unable to perform the duties of his office, the Minister may appoint another person to act in his place.

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