Powers of Board
5.  The Board shall have power —
(a)to receive and approve the annual report and accounts of the Institute;
(b)to approve the budget and research programme of the Institute;
(c)to set up endowment funds and other funds for a specific purpose or purposes; and
(d)generally to do all such matters and things as may be incidental to or consequential upon the exercise of its powers or the discharge of its functions under this Act.