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July 2002.

DEED OF COVENANT OF THE HARTLEY COLLEGE PAST PUPILS ASSOCIATION TRUST

1.0       1.1        The branches of Hartley College Past Pupils Associations based in Point Pedro, Colombo, UK, Canada & USA, New South Wales(Australia), Victoria(Australia) are concerned that the present structure in place to receive, act, monitor and report on the fund flow in  respect of the various projects as identified by the branches and contributed by them, are not adequate.

1.2        They also found that the long term nature of the projects handled by various branches need a body that will not depend on change every year.

1.3        They are also concerned that without a joint effort there could be duplication and waste.

2.0                    Therefore in order to put the funds to better use and to control and report on the movement and progress of such funds the branches seek a covenant covering the following:

2.1        The Joint meeting of all branches of Hartley College Past Pupils Association shall appoint a five member independent trustee committee from among Hartleyites in Sri Lanka, to receive, act, monitor and report on the flow of funds as entrusted by various branches in accordance with the respective wish letters. This wish letter will detail the projects as identified by the branches in consultation with the above trustees for the benefit of Hartley College, Point Pedro.

2.2        The three of the five trustees thus appointed will serve for an initial period of not exceeding three years. They could be re appointed thereafter. The composition of these three trustees shall be made up of two from Colombo and one from Jaffna. The other two members of the 5 member committee shall be the presidents of Colombo and Point Pedro branches and they will hold office for the year they are presidents, provided they are duly elected at the Annual General meeting held for that year. If there is no duly elected president for an year, the secretary of the trust (refer 3.0) shall appoint a Hartleyite with the consent of the majority of the branches for that year. The Principal Hartley College, Point Pedro shall be ex officio member of the trustee committee.

2.3               The name of the trust shall be “ Hartley College Past pupils Association’s Trust ”. 

3.0                    The trustee committee will appoint a member from Colombo as the secretary who will co ordinate the activities of the trustee committee. The trustee committee will co ordinate with the executive committee of  various branches through its secretary and the branches in turn will direct their fund holders to release the funds for the agreed purpose as set out by the wish letter authorized by the Executive committee of each branch. For this purpose each branch will inform the change in committee within a month of election to the secretary of the trustee committee.

3.1        The above trustee committee will only operate bank accounts in the name of the trustee and will not open any other accounts in any other name. All the saving accounts shall be in Colombo. All cheques shall be signed by the secretary and another member of the trustee duly designated by the trustee. The funds of each branch shall be in separate accounts to enable easy reporting to the branches. After the formation of the trustee committee, each branch shall specify the funds that are held in various accounts to be transferred to the trustee. A branch shall have the option of administering specific  funds by other means other than through the trustee committee.

3.2        The trustees will be permitted to use the trust funds to incur administrative expenses but the total cost shall not to exceed Rs 25 000.00.(Twenty five thousand) per year.

3.3        The financial year of the trustee committee shall be from 1st January to 31st of December. The trustees shall submit the statement of accounts to each branch within 90 days following the end of the financial year. The branches will jointly appoint an honorary auditor for this purpose.

4.0                    The joint branches by a majority vote will be able to remove any of the three permanent members of the trustee committee and make temporary replacements at any time through the Colombo branch if it was found that the trustees have acted outside this covenant. In this respect each of the 6 branches will deem to have an equal single vote.

4.1        To be emphatic, it is re-iterated that the funds thus handed over to the trustees will always to be spent for the advancement of Hartley College, Point Pedro.