5. (1) Subject to the rules and regulations, the general direction of the affairs and functions of the Institute shall vest in a Board which shall have full authority to determine and execute the policies and undertakings of the Institute within the frame-work of the policy directives issued by the Government. (2) Without prejudice to the generality of the foregoing provisions, the Board shall, in particular, have power to- (a) exercise general supervision over the affairs of the Institute; (b) approve the course of study of the Institute in broad outline; (c) request for, and receive, grants-in-aid from the Government and other aid-giving agencies; (d) borrow money in Bangladesh or any foreign currency; (e) approve budget for submission to the Government for final approval and obtain funds from the Government to carry out the purposes of the Institute.