(1) Subject to the provisions of this Act, the Executive Council shall be responsible for the general superintendence, direction and control of the affairs of the Institute and shall also exercise the powers of the Institute not otherwise provided for by this Act, the Statutes and the Ordinances, and shall have the power to review the acts of the Academic Council and Finance Committee.
     (2) Without prejudice to the provisions of sub-section (1), the Executive Council shall--
         (a) take decisions on questions of policy relating to the administration and working of the Institute;
         (b) lay down policy regarding the duration of the courses, nomenclature of the degrees and other distinctions to be conferred by the Institute;
         (c) institute courses of study and lay down standards of proficiency and other academic distinctions in respect of the courses offered by the Institute;
         (d) lay down, with prior approval of the Central Government, the policy regarding the cadre structure, qualification, the method of recruitment and conditions of service of the teaching and research faculty as well as other employees of the Institute;
         (e) guide resource mobililsation of the Institute and to lay down policies for utilisation;
         (f) consider and approve proposals for taking loans for purposes of the Institute with or without the security of the property of the Institute;
         (g) make Statutes and to alter, modify or rescind the same;
         (h) consider and pass resolutions on annual report, annual accounts and the budget estimates of the Institutes for the next financial year as it thinks fit together with a statement of its development plans; and
         (i) do all such things, not specifically covered under clauses (a) to (h), as may be necessary, incidental or conductive to the attainment of all or any of the powers under this section.
     (3) The Executive Council 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) The Executive Council may, by a specific resolution to this effect, delegate any of its powers and duties to the Chairperson, Director, any officer or any authority of the Institute subject to reserving the right to review the action that may be taken under such delegated authority.