 After the establishment of Buddhist Theosophical Society, Jayawardena Shasthra Shalava took over the administration of the school.The administration renamed the school, Ananda Sastralaya, and appointed the former principal of Ananda College, S. P. Perera, as the school's principal.In 1934, Dr. E. W. Adikaram, renowned educator, writer and social activist took on the duties of the principal of Ananda Sastralaya and his period was known as the golden age of the school.