4. Powers of the Institute

The Institute shall have such powers as may be necessary for the discharge of its objects and functions and in particular shall have the power to do all or any of the following:—

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

to open and maintain current, savings or deposit accounts in any bank or banks;

to accept grants or donations from persons or bodies of persons, whether in or outside Sri Lanka;

to enter into or perform, all such contracts as may be necessary for the exercise of its powers or the discharge of its functions;

to invest any money belonging to the Institute including any unapplied income, in any security or to invest any such money in the purchase of immovable property in Sri Lanka or vary such investments, or to place in fixed deposits in any bank; any portion of such money as are not required for immediate expenditure;

to borrow such sums of money as may be necessary for the purpose of discharging its functions;

to enter into agreements with other institutions, whether in Sri Lanka or abroad, having objects wholly or partly similar to those of the Institute for the exchange and training of personnel, research and advisory services; and generally, for such purposes as may be in furtherance of their common objectives;

to appoint, employ, remunerate and exercise disciplinary control over and dismiss such officers and servants as are necessary for the discharge of the functions of the Institute under this Act;

to charge fees for the services and assistance provided by the Institute; and

to do all such other things which in the opinion of the Institute are necessary to facilitate the discharge of its functions.