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(1) The Council may make statutes to carry into effect the objectives of the Institute.

(2) Without limiting the generality of subsection (1), the Council may make statutes to

(a) regulate the appointment, conditions of service, termination and retirement benefits of the staff of the Institute;

(b) determine the persons who are authorised to enter into transactions, sign documents, negotiable instruments and contracts on behalf of the Institute;

(c) determine the academic year of the Institute;

(d) ensure that the seal of the Institute is kept in proper custody and used only on the authority of the Council.

(3) A statute of the Institute shall be made in accordance with the following procedure

(a) the draft of the statute shall first be circulated to members of the Council at least 14 days before the meeting at which it is to be considered;

(b) the draft of the statute may be approved by the Council provisionally with or without amendment;

(c) a provisional statute with or without amendment is not enforceable unless it is confirmed by the Council;

(d) the draft with or without amendment as provisionally approved by the Council shall be circulated to the members of the Council at least 7 days before the meeting at which it is to be confirmed.

(4) Where the Council considers that any statute affects academic matters, the Council shall similarly circulate the statute to the Academic Board.