9. Subject to the provisions of this Act and the rules of the Institute, the powers and duties of the Institute shall be vested in the Board, in particular
| (a) to hold, control and administer the property and funds of the Institute; |
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| (b) to select a coat of arms for the Institute and to determine its forms, and to provide for the custody and to direct the use of the common seal of the Institute ; |
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| (c) to regulate and determine all matters concerning the Institute in accordance with this Act and the rules of the Institute; |
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| (d) after consideration of the recommendations of the Academic Council
| | (i) to institute, abolish or suspend Professorships, Memberships, Fellowships, and | | |
| | (ii) to determine the qualifications required for appointments to such posts and to determine the emoluments payable to the holders thereof; | | |
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| (e) to administer any funds placed at the disposal of the Institute for specific purposes ; |
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| (f) to receive and accept bequests, donations and grants of any property made to the Institute; |
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| (g) to consider the annual report, the annual accounts and the financial estimates of the Institute, and to publish such report, accounts and estimates in the Gazette; |
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| (h) to provide the buildings, premises, furniture and apparatus, and other material needed for carrying on the work of the Institute ; and |
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| (i) to enter into, carry out, vary, or cancel contracts on behalf of the Institute and to invest any moneys belonging to the Institute including any unapplied income, in any security in which, under the provisions of section 20 of the Trusts Ordinance or of any other written law, it is lawful to invest trust moneys, or, to invest any such moneys in the purchase of immovable property in Sri Lanka or vary such investments, or to place on fixed deposit in any bank, any portion of such moneys not required for immediate expenditure : |
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Sri Lanka Consolidated Acts