4. The Institute shall have such powers and rights as may be necessary to achieve its aims and objects and in particular it may
| (a) make rules in respect of the management of the affairs of the Institute ; |
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| (b) institute Professorships, Memberships, Research Fellowships, and award prizes and medals, for fundamental and advanced studies ; |
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| (c) erect, equip and maintain libraries and laboratories, and provide other services for fundamental and advanced studies; |
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| (d) take and hold any property, movable or immovable, which may become vested in it by virtue of any purchase, grant, gift, testamentary disposition or otherwise and subject to the rules of the Institute sell, assign, exchange or otherwise dispose of the same ; |
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| (e) establish a research fund for the promotion of fundamental and advanced studies ; |
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| (f) enter into agreements for co-operation with educational or other institutions whether in Sri Lanka or abroad having objects wholly or partly similar to those of the Institute, for the exchange of personnel and students and generally for such purposes as may be conducive to their common objects ; |
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| (g) make appointments to the staff of the Institute ; and |
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| (h) do all such other acts or things as in the opinion of the Institute are necessary to facilitate the attainment of its aims and objects and the carrying out of its functions. |
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Sri Lanka Consolidated Acts