Powers of [Board of an Institute].--(1) Subject to the provisions of this Act, the [Board of an Institute] shall be responsible for the general superintendence, direction and control of the affairs of the Institute and shall exercise all the powers not otherwise provided for by this Act, the Statutes and the Ordinances, and shall have the power to review the acts of the Senate.
(2) Without prejudice to the provisions of sub-section (1), the [Board of an Institute] shall--
(a) take decisions on questions of policy relating to the administration and working of the Institute;
(b) fix, demand and receive fees and other charges;
(c) supervise and control the residence and regulate the discipline of students of the Institute and to make arrangements for promoting their health, general welfare and cultural and corporate life;
(d) institute academic and other posts and to make appointments thereto (except in the case of the Director);
(e) frame Statutes and Ordinances and to alter, modify or rescind the same; (f) institute and award fellowship, scholarship, prizes and medals; (g) consider and pass resolutions on the annual report, the annual accounts and the budget estimates of the Institute for the next financial year as it thinks fit together with a statement of its development plans; and
(h) do all such things as may be necessary, incidental or conducive to the attainment of all or any of the aforesaid powers.
(3) The [Board of an Institute] shall have the power to appoint such committees as it considers necessary for the exercise of its powers and the performance of its duties under this Act.
(4) Notwithstanding anything contained in sub-section (2) of section 4, the [Board of an Institute] shall not dispose of in any manner any immovable property without the prior approval of the Central Government.