Section 10: Powers and Functions of the Board of Management—The Board of Management shall exercise the following powers and shall perform the following duties, namely

(i) Frame, amend and repeal the Statute/Regulations in the manner prescribed under this Act;

(ii) Review and consider the financial requirements and estimates for the University and approve its budget ;

(iii) Approve the recommendation for appointment of officers, teachers and other staff of the University ;

(iv) to accept or transfer any property on behalf of the University.

(v) to administer funds placed at the disposal of the University for the purpose intended;

(vi) to arrange for the investment and withdrawal of the funds of the University;

(vii) to accept on behalf of the University trusts, bequests and donations;

(viii) to consider and approve the recommendations of the Academic Council where required;

(ix) to direct the form and use of the common seal of the University;

(x) to appoint such committees and bodies as it may deem necessary and set down the terms of reference thereof in accordance with the provisions of this Act and the Statutes;

(xi) to consider and approve establishment, amalgamation and abolition of Colleges, Department, Centre or Research Station/sub-station on the 24 �बहार गजट (असाधारण)] 16 अूील 2010 recommendation of Academic Council. New college / faculty shall be established only after prior approval of the State Government.

(xii) to create teaching, research and extension education posts with the prior approval of the State Government.