(1) The Foundation may make regulations, not inconsistent this Act and the rules made thereunder, for enabling it to discharge its functions under this Act:
(2) Without prejudice to the generality of the foregoing power, such regulations may provide for all or any of the following matters, namely:--
(a) the management of the properties and funds, affairs and works of the Foundation;
(b) the procedure in regard to transaction of business of the Governing Board and the Academic Committee (including quorum at their meetings) and the transaction of business of the Finance Committee under sub-section (3) of section 13, sub-section (3) of section 15 and sub-section (2) of section 17;
(c) creation or abolition of posts and the procedure for appointment of the professional, administrative and ministerial staff;
(d) the tenure of office and other terms and conditions of the members of the Academic Committee under sub-section (2) of section 15; and
(e) the maintenance of accounts, registers and other records of the Foundation.
(3) No regulation made by the Foundation shall have effect until it has been approved by the Central Government and published in the Official Gazette, and the Central Government, in approving the regulation, may make changes therein which appear to it to be necessary.