(1) Subject to the provisions of this Act the Governing Council shall be responsible for the general supervision, direction and control of the affairs of the Institute.
(2) Without prejudice to the generality of the provisions of sub-section (1), the Governing Council shall perform the following functions, namely:-
(a) take steps for achieving the objectives of the Institute;
(b) hold control and administer the property and funds of the Institute;
(c) acquire or transfer any movable or immovable property on behalf of the Institute;
(d) administer any funds placed at the disposal of the Institute for specific purposes;
(e) manage and regulate the finances, accounts, investments, property, business and all other administrative affairs of the Institute and for that purpose appoint such agent as it may think fit;
(f) invest the money belonging to the Institute (including any income from trust and endowed property) in such stocks, funds, shares or securities as it may from time to time think fit;
(g) enter into, vary, carry out and cancel contracts on behalf of the Institute;
(h) regulate and determine all other matters concerning the Institute in accordance with the provisions of this Act and the rules and regulations made thereunder;
(i) delegate any of its powers to a Committee or the Director or to any Officer of the Institute; and
(j) cooperate with other Institutions, Universities and other authorities in such manner and for such purpose as it may determine.