Section 6: Powers of the Board

6. Powers of the Board.—(1) The Board shall be responsible for providing strategic guidelines to the Corporation, in accordance with the applicable government policies. (2) The Government may, through the Board, assign strategic function or task to the Corporation. (3) The Board may, as deemed appropriate, employ or engage officers, staff, experts, consultants, advisors, public and civil servants, or other personnel, on such terms and conditions as may be determined by the Board, from time to time. (4) In particular, and without generality of the foregoing powers, the powers of the Board shall include— (a) monitoring the operations of the Corporation; (b) monitoring the assets and moneys of the Corporation; (c) acquiring, holding, managing, and investing proceeds of the Corporation, on the recommendation of the Board; (d) holding, encumbering, transferring and disposing off property and assets of the Corporation, on the recommendation of the Board; (e) approving or allocating funds, revenues, proceeds, or monies from the Fund, on the recommendations of the Director General, to the Corporation; (f) approving the annual revenue and capital budgets of the Corporation on recommendations of the Director General; (g) approving and adopting of annual audited financial statements of the Corporation; (h) monitoring policies, plans, and programs to be executed by the Director General of the Corporation; (i) appointing auditors, on the recommendation of the Board, for the Corporation; (j) constituting such committees or co-opting experts, from time to time, as may be considered appropriate by the Board; (k) establishing liaison between the Corporation and the Government; (1) advising the Government on policy issues relating to the Corporation; and (m) carrying out any activity connected therewith, or ancillary thereto, for the purposes of this Act: Provided that, the Corporation shall obtain prior approval of the Board before commencing any project which is beyond its functions. (5) For the efficient management of the Corporation, the Board may, from time to time, delegate any of its powers to the OTC. (6) Subject to such restrictions as may be prescribed, the OIC may exercise any of the powers of the Board: Provided that, any such exercise of Board’s power by the OIC shall be placed before the Board, during the next Board meeting, for validation of the actions.

Effective date: 2023-08-07

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