TEA SHAKTHI FUND ACT

Arrangement of Sections

1. Short title.

2. Establishment of Tea Shakthi Fund.

3. Constitution of the Board of Management of the fund.

4. Meetings of the Board.

5. Membership of the Fund.

6. Secretary to the Board.

7. Objects of the Fund.

8. Power of the fund.

9. Payments to the Fund.

10. Payments out of the Fund.

11. Officers and servants of the Fund.

12. Seal of the Fund.

13. Accounts and audit.

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

15. Members of the Fund deemed to be public servants.

16. Transitional Provisions.

17. Sinhala text to prevail in case of inconsistency.

18. Interpretation.

47 of 2000.

AN ACT to provide for the establishment or a fund called Tea Shakthi Fund to specify its objects and powers and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 18th August, 2000]

1. Short title.

This Act may be cited as the Tea Shakthi Fund Act.

2. Establishment of Tea Shakthi Fund.

(1) There shall be established a fund which shall be called the Tea Shakthi 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. Constitution of the Board of Management of the fund.

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

(2) The Board shall consist of the following members appointed by the Minister—

(i) the Chairman of the Tea Small Holdings Authority (hereinafter referred to as the "Authority”) established by the Tea Small Holdings Development Law, No. 35 of 1975;

(ii) the General Manager of the Authority;

(iii) the Deputy General Manager (Finance) of the Authority;

(iv) a representative of the Ministry of the Minister in charge of the subject of Finance nominated by that Minister;

(v) a representative of the Ministry of the Minister in charge of the subject of Plantation Industry nominated by that Minister;

(vi) the President of every Regional Registered Society namely, Kalutara, Galle, Matara, Ratnapura, Kegalle, Kandy, Nuwara Eliya and Uva;

(vii) the President of the Sri Lanka Federation of Tea Small Holdings Development Societies who shall be a member of the Board notwithstanding the fact that he is also the President of a Regional Registered society.

(3) The Minister may, for reasons assigned, remove from office any member of the Board.

4. Meetings of the board.

(1) Chairman of the Authority shall preside at meetings of the Board. In the absence of the Chairman from any meeting, a member elected from among the members present, shall preside at such meeting.

(2) The quorum for any meeting of the Board shall be seven members, including the three ex-officio members referred to in paragraphs (i), (ii) and (iii) of subsection (2) of section 3.

(3) Subject to the provisions of subsections (1) and (2) the Board may regulate the procedure in regard to the meetings of the Board, and the transaction of business of such meetings.

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