Section 3(1) in Kalakshetra Foundation Rules, 1998
(1)The Governing Board shall have the following functions and powers, namely :(a)to constitute such committees as the Governing Board may consider necessary for discharging more effectively the functions of the Foundation;(b)to formulate policies, programmes and projects to further the objects of the Foundation;(c)to review the on-going programmes and monitor their progress;(d)to approve the Budget in respect of the financial year next ensuing; showing the estimated receipts and expenditure, as recommended by the Finance Committee;(e)to approve the Annual Report giving a full account of the activities and programmes of the Foundations as recommended to it by the Finance Committee;(f)to maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as may be approved by the Comptroller and Auditor General of India;(g)to consider and pass the Annual Accounts and Balance Sheet of each financial year;(h)to consider matters brought to its notice by the Academic Committee or the Financial Committee and give appropriate directions;(i)to lay down with the prior approval of the Central Government, the method of recruitment and conditions of service of the employees of the Foundation;(j)to create, with the prior sanction of Central Government, such number of posts of officers and staffs as may be required for the efficient performance of the functions of the Foundation;(k)to appoint all categories of officers and staff to the Foundation for conducting the affairs of the Foundation;(l)to enter into agreements with the Central Government, State Government, public or private organisations, individuals, foreign Governments or non-Governmental organisations for furtherance of the objectives of the Foundation, for implementation of its programmes and for securing and accepting endowments, grant-in-aid, donations or gifts on mutually agreed terms and conditions :Provided that no such agreements shall be entered into with any foreign Governments or Foreign Governmental Organisations and foreign nationals except with the prior approval of the Central Government;(m)to acquire by purchase, lease, gift, or otherwise any equipment or other movable property which may be necessary for the purpose of the Foundation;(n)to construct, alter, extend, modify and maintain any building which may be necessary or convenient for the purposes of the Foundation;(o)to invest the funds of the Foundation or any other investible funds at the disposal of the Foundation, in such securities or in such manner as may, from time to time, be determined by the Governing Board and to sell or transfer such investments;(p)to take over or acquire by purchase, gift or otherwise from the Central Government, State Governments, public or private organisations or individuals any movable or immovable properties not inconsistent with the objects of the Foundation and subject to the prior approval of the Central Government;(q)to sell, transfer, lease or otherwise dispose of any movable or immovable property of the Foundation with the prior approval of the Central Government;(r)to borrow money, in case of exigencies on the security of the properties of the Foundation or any other asset and with the previous sanction of the Central Government, for carrying out the provisions of the Act; and(s)to sanction any expenditure or authorise entering into a contract involving expenditure not inconsistent with the conditions of grant from the funds of the Foundation in the performance of its functions.
