The powers and duties of the Board shall be as follows:--
         (a) to approve the budget submitted by the Vice-Chancellor;
         (b) to hold and control the properly and funds of the University and issue any general directive on behalf of the University;
         (c) to accept or transfer any property on behalf of the University;
         (d) to administer funds placed at the disposal of the University for specific purposes;
         (e) to invest moneys belonging to the University;
         (f) to appoint the officers, teachers and other employees of the University in the prescribed manner;
         (g) to direct the form and use of the common seal of the University;
         (h) to appoint such committees as it may deem necessary for its proper functioning;
         (i) to borrow money for capital improvements and make suitable arrangements for its repayment;
         (j) to appoint the Vice-Chancellor subject to the provisions of section 15;
         (k) to meet at such times and as often as the Board may deem necessary:
         Provided that regular meetings of the Board shall be held at least once in every two months;
         (l) to regulate and determine all matters concerning the University in accordance with this Act and the Statutes, and to exercise such powers and to discharge such duties as may be conferred on or imposed upon the Board by this Act or the Statutes.