THURUSAVIYA FUND ACT

Arrangement of Sections

1. Short title.

PART I

ESTABLISHMENT OF THE THURUSAVIYA FUND

2. Establishment of the Thurusaviya Fund.

3. Constitution of the Board of Management of the Fund.

4. Membership of the Fund.

5. Meetings of the Board.

6. Quorum.

7. Meetings.

8. Vacancy among members not to invalidate act or proceeding of the Board.

9. Term of office of members.

10. Seal of the Fund.

11. Members to disclose interest in proposed contract to be made by the Board.

12. Remuneration of members of the Board.

PART II

OBJECTS OF THE FUND

13. Objects of the Fund.

14. Powers of the Board.

PART III

THURUSAVIYA SOCIETIES

15. Membership of Societies.

16. Objects of the Societies.

17. Registration of Societies.

PART IV

FlNANCE AND STAFF

18. Payments into the Fund.

19. Acquisition of Assets.

20. Payments out of the Fund.

21. Accounts and audits.

22. Financial year.

23. Officers of the Fund.

24. Appointment of public officers to the staff of the Fund.

PART V

GENERAL

25. Delegation of powers of the Board.

26. The Board to be subject to direction of Minister.

27. Protection for action taken under this Act and the direction of the Board.

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

29. Penalty.

30. Members of the Board and officers of the Fund deemed to be public servants.

31. The Fund deemed to be a Scheduled Institution.

32. Regulations.

33. Sinhala text to prevail in case of inconsistency.

34. Interpretation.

23 of 2000.

AN ACT to provide for the establishment of a fund called the "Thurusaviya Fund” to specify its objects and powers and to provide for matters connected therewith or incidental thereto.

[Date of Commencement: 12th July, 2000]

1. Short title.

This Act may be cited as the Thurusaviya Fund Act.

PART I

ESTABLISHMENT OF THE THURUSAVIYA FUND

2. Establishment of the Thurusaviya Fund.

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

(2) The Fund shall by the name assigned to it by subsection (1) of this section, 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 constituted as hereinafter provided.

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

(a) the Chairman of the Tea Smallholdings Development Authority established by the Tea Smallholdings Development Law, No. 35 of 1975;

(b) the Chairman of the Sri Lanka Rubber Manufacturing and Exports Corporation;

(c) a senior officer of the Ministry of Plantation Industries with experience in the subject of accounts, nominated by the Minister;

(d) the Director-General of the Rubber Development Department;

(e) the Chairman of the Rubber Research Board or his representative;

(f) two members appointed by the Minister from among persons who have had experience in the rubber industry;

(g) the President of every Regional Thurusaviya Society registered under this Act namely Colombo, Kalutara, Galle, Kegalle and Ratnapura;

(h) the President of the Sri Lanka Federation of Rubber Smallholdings Development Societies who shall be a member of the Board notwithstanding the fact that he is also the President of a Regional Thurusaviya Society registered under this Act.

(3) The Minister shall appoint one of the members of the Board to be the Chairman of the Board.

4. Membership of the Fund.

The following shall be entitled to Membership of the Fund—

(a) members of Thurusaviya Societies registered under this Act, who contribute to the Fund;

(b) officers and servants of the Fund, who contribute to the Fund.

5. Meetings of the Board.

Chairman of the Board shall preside at every meeting of the Board. In the absence of the Chairman from any meeting of the Board, any member elected from among the members present shall preside at such meeting.

6. Quorum.

The quorum for any meeting of the Board shall be six members including the members referred to in paragraphs (a), (b), (d) and (e) of subsection (2) of section 3.

7. Meetings.

Subject to the provisions of section 5 and section 6 the Board may regulate the procedure in regard to the meetings of the Board, and the transaction of business at such meetings.

8. Vacancy among members not to invalidate act or proceeding of the Board.

No act or proceeding of 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.

9. Term of office of members.

(1) Every member of the Board appointed under paragraph (f) section 3 (2) shall hold office for a period of one year from the date of his appointment, unless he is removed from, or otherwise vacates, office earlier.

(2) Every ex-officio member of the Board shall hold office so long as he holds the post by virtue of which he is a member of the Board.

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