PARLIAMENT OF THE DEMOCRATIC

SOCIALIST REPUBLIC OF
SRI LANKA

SRI LANKA ECONOMIC ASSOCIATION

(INCORPORATION) ACT, No. 33 OF 2011

[Certified on 19th July, 2011]

Printed on the Order of Government

Published as a Supplement to Part II of the Gazette of the Democratic

Socialist Republic of Sri Lanka of July 22, 2011

PRINTED AT THE DEPARTMENT OF GOVERNMENT PRINTING, SRI LANKA

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 Sri Lanka Economic Association (Incorporation) 1
Act, No. 33 of 2011

[Certified on 19th July, 2011]

L.D.—O. Inc. 14/2009

AN ACT TO INCORPORATE THE SRI LANKA ECONOMIC ASSOCIATION

WHEREAS an Association called and known as the Preamble.

“Sri Lanka Economic Association” has heretofore been
formed as a limited liability company under the Companies
Act, No. 17 of 1982 and has made an application to re-register
under Act, No. 7 of 2007 for the purpose of effectually
carrying out and transacting all objects and matters
connected with the said Association according to the rules
agreed to by its members :

AND WHEREAS the said Association has heretofore

successfully carried out and transacted the several objects
and matters for which it was established and has applied to
be incorporated and it will be for the public advantage to
grant the application:

BE it therefore enacted by the Parliament of the Democratic

Socialist Republic of Sri Lanka as follows:—

1. This Act may be cited as the Sri Lanka Economic Short title.
Association (Incorporation) Act, No. 33 of 2011.

2. From and after the date of commencement of this Incorporation of

the Sri Lanka
Act, such and so many persons as now are members of the
Economic
Sri Lanka Economic Association (hereinafter referred to as Association.
“the Association”) and such other persons shall hereafter
be admitted as members of the Corporation hereby
constituted, shall be a body corporate with perpetual
succession under the name and style of the “Sri Lanka
Economic Association” (hereinafter referred to as “the
Corporation”) and by that name may sue and be sued with
full power and authority to have and to use a common seal
and alter the same at its pleasure.

2-PL 004990—3,090 (07/2010)

 2 Sri Lanka Economic Association (Incorporation)
Act, No. 33 of 2011

General objects 3. The general objects for which the Corporation is

of the
Corporation. constituted are hereby declared to be—

(a) to undertake, promote and facilitate studies in the

field of Economics within and outside Sri Lanka;

(b) to organize and promote research in the field of

Economics and undertake studies and research
projects on contract from government, private and
international agencies or institutions;

(c) to plan and organize teaching and training

programmes in the field of Economics;

(d) to train students and others in research methodology

with the idea of promoting knowledge and
awareness in subjects relevant to economics;

(e) to assist in the formulation of effective socio-

economic policies;

(f) to prepare and submit reports on issues relating to

economic and social development or to prepare
reports on studies relating to economic
development;

(g) to promote understanding, co-operation and

friendship with similar associations within and
outside Sri Lanka; and

(h) to undertake, promote and conduct on its own

initiative or in collaboration with local or foreign
associations such surveys and studies on economic
and social development in the international sphere
and more particularly in Sri Lanka.
 Sri Lanka Economic Association (Incorporation) 3
Act, No. 33 of 2011

4. Subject to the provisions of this Act and any Powers of the

Corporation.
other written law, the Corporation shall have the power to
do, perform and execute all such acts and matters as
necessary or desirable for the promotion or furtherance
of the objects of the Corporation or any one of them,
including the power —

(a) to raise funds and receive grants, gifts or donations,

in cash or kind;

(b) to acquire, in any manner whatsoever and hold,

take or give on lease or hire, rent, sell or otherwise
dispose of, any movable or immovable property
and construct, maintain and alter any buildings or
works necessary or convenient for the business of
the Corporation;

(c) to make, draw, accept, discount, endorse, negotiate,

buy, sell and issue bills of exchange, cheques,
promissory notes and other negotiable instruments
and to open, operate and close bank accounts and
borrow or raise money with or without security;

(d) to invest any funds not immediately required for

the purposes of the Corporation in such manner as
the Council of Management may determine;

(e) to enter into agreements or contracts with any person

or body of persons for the implementation of these
objects;

(f) to determine the fees to be paid in respect of

registration of different categories of membership;
and

(g) appoint, employ, dismiss or terminate the services

of officers and servants of the Corporation and to
pay them such salaries, allowances and gratuities
as may be determined by the Corporation.
 4 Sri Lanka Economic Association (Incorporation)
Act, No. 33 of 2011

Management of 5. (1) The management, control and administration

the affairs of the
Corporation.
of the Corporation shall, subject to the provisions of
this Act and any rule that may be made under section 6,
vest in a Council of Management (hereinafter referred to as
“the Council”).

(2) The first Council of the Corporation shall consist of

the members of the Council of the Association holding office
on the day preceding the date of commencement of this Act.

Rules of the 6. (1) It shall be lawful for the Corporation, from time
Corporation.
to time, at any general meeting and by the votes of not less
than two thirds of the members present and voting, to make
rules, not inconsistent with the provisions of this Act or any
other written law, for all or any of the following matters :—

(a) the classification of membership, fees payable by

each class of members, admission, withdrawal,
expulsion or resignation of members and for the
maintaining of a register of members;

(b) the election of office bearers of the Council or

vacation of or removal from office and the powers,
duties and functions of the office bearers;

(c) the appointment, powers, duties and functions and

terms and conditions of the various officers, agents
and servants of the Corporation;

(d) the procedure to be followed at the summoning

and holding of meetings of the Council, the
Corporation and any sub-committee thereof,
including the quorum therefor and the conduct of
business thereat;

(e) the qualification and disqualification for members

of the Council and the Corporation; and
 Sri Lanka Economic Association (Incorporation) 5
Act, No. 33 of 2011

(f) the administration and management of the property

of the Corporation for the accomplishment of the
objects of the Corporation.

(2) The rules made by the Corporation may be amended,

altered, added to or rescinded at a like meeting and in like
manner as a rule made under subsection (1).

(3) The members of the Corporation shall at all time be

subject to the rules of the Corporation made under this section.

7. (1) With effect from the date of commencement of Vesting of the

property etc. of
this Act—
the Association
in the
(a) all property, movable or immovable, of the Corporation.
Association;

(b) all rights, powers, privileges and interests of the

Association and all the liabilities of the
Association;

(c) all books, accounts and documents of the

Association;

shall vest absolutely in the Corporation.

(2) With effect from the date of commencement of this

Act and without prejudice to the generality of
subsection (1)—

(a) all debts due to and subscriptions and fees payable

to the Association shall be paid to the Corporation;

(b) all liabilities of the Association subsisting on the

day immediately preceding the date of
commencement of this Act shall be deemed to be
the liabilities of the Corporation;
 6 Sri Lanka Economic Association (Incorporation)
Act, No. 33 of 2011

(c) all officers and servants of the Association on the

day immediately preceding the date of
commencement of this Act shall be deemed to be
officers and servants of the Corporation;

(d) all contracts and agreements entered into for the

purposes of the Association and subsisting on the
day immediately preceding date of commencement
of this Act shall be deemed to be contracts and
agreements entered into by the Corporation;

(e) all actions and legal proceedings instituted by or

against the Association and pending on the day
immediately preceding the date of commencement
of this Act shall be continued and enforced as legal
proceedings instituted by, or against, the
Corporation.

Fund of the 8. (1) The Corporation shall have its own fund and
Corporation. it shall consist of all moneys received by way of gifts,
testamentary dispositions, grants, donations, contributions
or fees in cash or kind.

(2) All moneys received shall be deposited in the name

of the Corporation in one or more banks and be invested in
any suitable manner to achieve the objects of the Corporation
as may be decided by the Council.

(3) All expenditure incurred by the Corporation in the

exercise, performance and discharge of the powers, duties
and functions of the Corporation shall be paid out of the
fund of the Corporation.

Accounts and 9. (1) The Corporation shall cause proper accounts to

Audit.
be kept of income and expenditure, assets and liabilities
and all other transactions of the Corporation.

(2) The accounts of the Corporation shall be audited by a

qualified auditor as may be determined by the Council.
 Sri Lanka Economic Association (Incorporation) 7
Act, No. 33 of 2011

(3) In this section “qualified auditor” means —

(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 practice as an Accountant issued by
the Council of such Institute; or

(b) a firm of Accountants each of the resident partners,

being a member of the Institute of Chartered
Accountants of Sri Lanka or of any other Institute
established by law possesses a certificate or parctice
as an Accountant issued by the Council of such
Institute.

10. All debts and liabilities of the Association existing Debts due and
payable to the
on the day preceding the date of commencement of this Act, Association.
shall be paid by the Corporation and all debts due to,
subscriptions and contributions payable to the Association
on that day shall be paid to the Corporation for the purpose
of this Act.

11. If upon the dissolution of the Corporation Property

there remains after the satisfaction of all its debts and remaining on
dissolution.
liabilities, any property whatsoever, such property shall
not be distributed among the members of the Corporation
but shall be given or transferred to some other institute
or institutes having objects similar to those of the
Corporation, and which is or are by the rules thereof
prohibited from distributing any income or property
among its or their members. Such institution or institutions
shall be determined by the Council at or immediately before
the dissolution of the Corporation.

12. The seal of the Corporation shall not be affixed to Seal of the
any instrument whatsoever, except in the presence of the Corporation.

Secretary or a member of the Council as may be duly

authorised by the Council and another member of the Council
 8 Sri Lanka Economic Association (Incorporation)
Act, No. 33 of 2011

who shall sign their names on the instrument in token of

their presence and such signing shall be independent of the
signing of any person as a witness.

Limitation of 13. No member of the Corporation shall, for the purpose

liability of
members. of discharging the debts and liabilities of the Corporation or
for any other purpose, be liable to make any contribution
exceeding the amount of annual subscription payable by
him to the Corporation.

Saving of the 14. Nothing in this Act contained shall prejudice or

rights of the affect the rights of the Republic or of any body politic or
Republic and
others.
corporate.

Sinhala text to 15. In the event of any inconsistency between the

prevail in case
Sinhala and the Tamil texts of this Act, the Sinhala text shall
of inconsistency.
prevail.
 Sri Lanka Economic Association (Incorporation) 9
Act, No. 33 of 2011

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