(1) Subject to the provisions of this Act, the Governing Body shall be responsible for the general superintendence, direction and control of the affairs of the Institute.
(2) Without prejudice to the provisions of sub-section (1), the Governing Body-
(a) shall take steps for the implementation of the decisions of the Institute on questions of policy relating to the administration of the affairs and working of the Institute;
(b) shall institute courses of study at the Institute and take decisions on the advice of the Academic Board on all academic matters including matters relating to the examinations conducted by the Institute;
(c) shall hold and control the property and funds of the Institute;
(d) may acquire or transfer any movable or immovable property on behalf of the Institute;
(e) shall administer any funds placed at the disposal of the Institute for specific purposes;
[(f) may create or abolish posts of teachers and other employees of the Institute with the prior approval of the State Government;]
(g) may 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;
(h) may invest any money belonging to the Institute (including any income from trust and endowed property) in such stocks, funds, shares or securities as it shall from time to time think fit;
(i) may enter into, vary, carry out and cancel contracts on behalf of the Institutes;
(j) may regulate and determine all other matters concerning the Institute in accordance with this Act, and the rules and regulations made thereunder.