Amendment status not verified — confirm the current text below against the official source.
Powers and functions of the Governing Council.— “The Governing Council shall be the chief executive authority of the Foundation and shall have all powers necessary to administer the Foundation subject to the provisions of this Act and the rules made there under. The Governing Council shall be the plenary authority of the Foundation and shall formulate and review from time to time the broad policies and programmes of the Foundation and devise measures for the improvement and development of the Foundation and shall also have the following powers and functions, namely:— to provide academic and administrative structure of the Foundation with the approval of Government; (i) to consider and pass the annual report, financial statement and the budget estimates; (ii) to make rules concerning the administration of the affairs of the Foundation including prescribing the procedures to be followed by the authorities and the officers of the Foundation in the discharge of their functions; (iii) to manage and regulate the finances, accounts, investments, properties, business and all other administrative affairs of the Foundation and for that purpose, to constitute committees and delegate the powers to such committees or such officers of the Foundation as it may deem fit; (iv) to invest any money belonging to the Foundation, including any unapplied income, in such stock, funds, shares or securities, as it may, from time to time, think fit, or in the purchase of immovable property in India, with the like power of varying such investments from time to time with the approval of Government; (v) to transfer or accept transfer of any moveable or immobile property on behalf of the Foundation with the approval of Government; (vi) to enter into, vary, carryout and cancel contracts on behalf of the Foundation and for that purpose to appoint such officers as it may think fit; (vii) to provide the buildings, premises, furniture and apparatus and other means needed for carrying on the work of the Foundation; (viii) to entertain, adjudicate upon, and if it thinks fit, to redress any grievances of the officers, teachers, students and employees of the Foundation; (ix) to create academic, research, administrative, ministerial and other necessary posts, determine the number and emoluments of such posts, specify the minimum qualifications for appointment to such posts on such terms and conditions of service as prescribed. (x) to appoint examiners and moderators, and to remove them if necessary, and to fix their fees, emoluments and travelling and other allowances; (xi) to select a common seal for the Foundation; and (xii) to exercise such other powers and to perform such other duties as may be considered necessary, or imposed on it by or under this Act.