(1) There shall be a Governing Body of the Institute which shall be constituted by the Institute in such manner as may be specified by regulations.
     (2) The Governing Body shall be the executive committee of the Institute and shall exercise such powers and discharge such functions as the Institute may, by regulations made in this behalf, confer or impose upon it.
     (3) The President of the Institute shall be the Chairperson of the Governing Body and as Chairperson thereof shall exercise such powers and discharge such functions as may be specified by regulations.
     (4) The procedure to be followed in the exercise of its powers and discharge of its functions by the Governing Body, and the term of office of, and the manner of filling vacancies among, the members of the Governing Body shall be such as may be specified by regulations.
     (5) Subject to such control and restrictions as may be prescribed, the Institute may constitute as many standing committees and ad hoc committees as it thinks fit for exercising any power or discharging any function of the Institute or for inquiring into, or reporting or advising upon, any matter which the Institute may refer to them, in such manner as may be specified by regulations.
     (6) The Chairperson and members of the Governing Body and the Chairperson and the members of a standing committee or an ad hoc committee shall receive such allowances, as may be specified by regulations.