7. Powers &c., of the Institute

The Institute shall have such powers, duties and functions as may reasonably be necessary to carry out its objects and in particular may—

acquire in any manner whatsoever and hold, take or give on lease or hire, mortgage, pledge, sell or otherwise dispose of, any movable or immovable property;

establish and operate management training and education centres;

conduct, assist, co-ordinate and encourage research into all aspects of management;

appoint, employ, remunerate and exercise disciplinary control over its officers and servants;

levy fees or charges for any service rendered by the

pay fees or charges for any services rendered to the

import equipment required for the purposes of the

obtain the services of personnel to carry out the objects of the Institute;

establish work performance standards for its own personnel, evaluate such performance and take reasonable action thereupon;

establish and maintain welfare and recreational facilities for its employees;

make rules in relation to its officers and servants including the appointment, training, promotion, remuneration, disciplinary control, conduct and grant of leave;

make rules in respect of the general administration of the Institute;

to issue guidelines and standards in Management

to open and operate bank accounts, to borrow money, to receive grants and donations, and to invest funds;

to defend the intellectual property rights of the

to make rules, not inconsistent with the provisions of this Act for the management of the Institute and accomplishment of its objects. These rules when made may be altered, added, amended or rescinded, in the manner provided for herein.