(1) The head of institution, teachers and other employees of an institution shall be governed by such conditions of service as, may be prescribed by regulations and any agreement between the Committed of Management and such head of institution, teachers or employees, as the case may be, in so far as it is inconsistent, with the provisions of this Act or the regulations, shall be void.
(2) Without prejudice to the generality of the powers conferred by sub-section (1) the regulations may provide for,-
(a) the code of conduct, the period of probation, the conditions of confirmation and the procedure and conditions for promotion and punishment including suspension pending or in contemplation of inquiry or during the pendency of investigation, inquiry or trial in any criminal case for an offence involving moral turpitude and the allowances for the period of suspension and termination of service with notice;
(b) the scales of pay and payment of salaries;
(c) grant of leave and provident fund and other benefits, and
(d) maintenance of record of work and service.