(1) The Board is responsible for the management of the Fund and shall

(a) arrange for the appointment of a team of professionals for the efficient management of the affairs of the Fund;

(b) monitor and evaluate the operations and performance of the Fund;

(c) ensure accountability of the Fund by defining appropriate procedures for its management;

(d) determine procedures for its management;

(e) disburse money from the Fund;

(f) invest some of the money of the Fund in safe securities that are financially beneficial to the Fund;

(g) establish systems to ensure the effective and efficient recovery of loans;

(h) put in place structures and guidelines that will ensure fairness in the disbursement and application of the Fund;

(i) formulate policies to determine, among other things;

(i) the terms under which money from the Fund will be allocated to eligible students,

(ii) the maximum amount of money that may be granted by the Fund to an applicant, and

(iii) the sectors of the economy in which the money in the Fund may be invested; and

(j) perform any other functions that are incidental to the achievement of the object of the Fund.

(2) The Board may

(a) enter into contracts,

(b) acquire, purchase and hold movable and immovable property, and

           (c) convey, assign and transfer movable and immovable property or an interest in property vested in it on behalf of the Fund.