5. The Institute shall have such powers, rights and functions as may reasonably necessary to carry out the objects and in particular may -
| (a) receive grants, gifts and donations in cash or kind whether from local or foreign sources ; |
|
| (b) acquire, hold, take or give, lease or hire mortgage, pledge and sell or otherwise dispose of any movable or immovable property ; |
|
| (c) 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 ; |
|
| (d) import machinery and equipment required for the purposes of the Institute and receive equipment, funds, personnel and any other assistance for carrying out the objects of the Institute ; |
|
| (e) Institute professorships, memberships, Research Fellowships and award prizes and medals, for fundamental and advanced studies ; |
|
| (f) erect, equip and maintain libraries and laboratories and provide other services for fundamental and advanced studies ; |
|
| (g) make rules in relation to its officers and servants including the appointment, training, promotion remuneration, disciplinary control, conduct and grant of leave ; |
|
| (h) make rules in respect of the general administration of the Institute ; |
|
| (i) levy fees or charges for any services rendered by the Institution |
|
| (j) pay fees or charges for any services rendered to the Institute. |
|
| (k) to do all such other acts or things which are necessary for or conducive or incidental to, the attainment of the objects and carrying out of the functions of the Institute. |
|
|
Sri Lanka Consolidated Acts