The duties and functions of the Board shall be as follows:- (a) to approve and sanction the budget of the University; (b) to acquire, to dispose of, to hold and to control the property and funds of the University and issue any general or special direction on behalf of the University; (c) to accept the transfer of any movable or immovable property on behalf of the University; (d) to administer any funds placed at the disposal of the University for the specific purposes; (e) to invest money belonging to the University; (f) to appoint the members of the academic, administrative and other staff of the University in such manner as may be prescribed; (g) to direct the form and use of the Common Seal of the University; (h) to appoint such committees, either standing or temporary, as it deems necessary for its proper functioning; (i) to borrow money for capital improvements and make suitable arrangements for its repayment; (j) to meet at such times and as often as it deems necessary, provided however, that the regular meeting of the Board shall be held at least once in every three months; (k) to make Statutes, Ordinances and Regulations in the manner prescribed in this Act for smooth functioning of the University; and (l) to regulate and determine all matters concerning the University in accordance with this Act and the Statutes and to exercise such powers and to discharge such duties as may be conferred or imposed on it by this Act and the Statutes.