(1) Subject to the provisions of this Act, the Board shall be responsible for the general policy making, superintendence, providing direction and shall have the power to frame, amend, modify or rescind the Statutes and the Ordinances governing the affairs of the Institute to achieve the objectives specified in section 6.
     (2) Without prejudice to the provisions of sub-section (1), the Board shall have the following powers, namely:—
         (a) to decide questions of policy relating to the Institute;
         (b) to establish departments, faculties or schools of studies and initiate programmes or courses of study at the Institute;
         (c) to examine and approve the annual budget estimates of the Institute;
         (d) to examine and approve the plan for development of the Institute and to identify sources of finance for implementation of the plan;
         (e) to create teaching, academic, administrative, technical and other posts and to make appointments thereto;
         (f) to provide by the Statutes, the qualifications, criteria and processes for appointment to teaching and other posts in the Institute;
         (g) to approve fees and other charges payable for pursuit of studies, courses or programmes in the Institute;
         (h) to make Statutes, subject to provisions of section 32, governing the administration, management and operations of such Institute;
         (i) to grant degrees, diplomas and other academic distinctions or titles, and to institute and award fellowships, scholarships, prizes and medals; and
         (j) to exercise such other powers and perform such other duties as may be conferred or imposed by this Act or the Statutes.
     (3) The Board may, subject to the provisions of this Act and the Statutes, delegate such powers and functions to the Senate or the Director, as the Board may deem fit.
     (4) The Board shall put in place policies to make the Institute self-sustaining within a period of five years.
     (5) The Board shall periodically conduct a review of the performance of the Director with specific reference to the leadership in the achievement of the objectives of the Institute.
     (6) The Board shall in exercise of the powers and discharge of functions strive to provide autonomy in academic matters to the Senate and departments of faculties or schools, as the case may be.
     (7) Wherein the opinion of the Director or the Chairperson, the situation is so emergent that an immediate decision needs to be taken in the interest of the Institute, the Chairperson, in consultation with the Director, may issue such orders as may be necessary, recording in writing the grounds for the opinion:
     Provided that such orders shall be submitted for ratification of the Board in the next meeting.