Institute of Chartered Shipbrokers of Sri Lanka incorporated by an Act of Parliament

Institute of Chartered Shipbrokers of Sri Lanka (Incorporation) Act, No. 34 of 2024, was certified on June 19, 2024, by the Parliament of the Democratic Socialist Republic of Sri Lanka. Here is a summary of its key contents:

  1. Incorporation:
    • The Act incorporates the Institute of Chartered Shipbrokers of Sri Lanka, granting it the status of a perpetual body corporate with the ability to sue and be sued.
    • The Institute will have a common seal, which it can alter at its discretion.
  2. Objectives:
    • Promoting professionalism in the shipping industry through training.
    • Raising awareness about the benefits of employing well-educated staff.
    • Organizing seminars, workshops, and providing study courses for qualifying exams.
    • Collaborating with similar institutions locally and internationally.
    • Assisting authorities in training individuals for careers in the shipping business.
  3. Management:
    • The affairs of the Institute are managed by a Board of Management, initially functioning as an Interim Board until the first official Board is appointed or elected.
    • The Board has the authority to make interim rules and manage the body corporate’s operations.
  4. Powers and Functions:
    • The Institute can acquire, rent, construct, and manage property.
    • It can enter into contracts, borrow funds, receive grants and donations, and manage finances.
    • It has the authority to appoint staff, determine membership fees, and organize events related to the shipping industry.
  5. Financial Provisions:
    • The Institute will maintain a Fund for managing its finances, with proper accounting and annual audits by a qualified auditor.
    • The financial year is the calendar year, and the Institute must submit an annual report of its activities and audited accounts to relevant authorities.
  6. General Provisions:
    • Members are not liable for the corporate body’s debts beyond their subscription amounts.
    • Upon dissolution, remaining assets must be transferred to a similar institution and not distributed among members.
  7. Rules and Regulations:
    • The body corporate can make rules concerning membership, the election of office bearers, management procedures, and other necessary regulations.
    • All rules must be approved by Parliament and published in the Gazette.

The Act aims to ensure the Institute operates transparently, professionally, and in alignment with national and international standards in the shipping industry.

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