Section 51

to prescribe the conditions for applicants for admission as members of the Institute and for changes in the classification of members, either generally or in any particular case;

to establish prizes for students and to lay down the conditions for their award as it thinks fit;

in its discretion to appoint such officers, employees and agents for permanent, temporary or special services as it may from time to time think fit and to determine their duties and terms of service;

to appoint from time to time the bankers and legal advisers of the Institute;

to purchase, rent or otherwise acquire and furnish suitable premises for the use of the Institute;

to take cognizance of anything affecting the Institute or the professional conduct of its members and take such action as it thinks fit in relation thereto;

with a view to extending the benefits to members of the Institute, to communicate from time to time with other similar bodies and with members of the profession in other places for the purpose of obtaining and communicating information on all matters likely to prove beneficial or interesting to members and to negotiate and arrange with such bodies for the reciprocal recognition of the status of the members of the Institute;

to institute, conduct, defend, compound or abandon any legal proceedings by or against the Institute or its officers or otherwise concerning the affairs of the Institute and to compound and allow time for payment or satisfaction of any debts due or of any claims or demands made by or against the Institute;

to refer any claims or demands by or against the Institute to arbitration and to observe and perform every award made as a result of such arbitration;

to make and give receipts, releases and other discharges for moneys payable to and for claims and demands of the Institute;

to invest and deal with any moneys of the Institute from time to time in securities authorised for the investment of trust funds by any written law for the time being in force;

from time to time to borrow or raise money by bank overdraft or otherwise by the issue of debentures or any other securities founded or based upon all or any of the property and rights of the Institute or without any such security and upon such terms as to priority or otherwise as the Council shall think fit;

from time to time as it thinks fit to establish branches of the Institute;

from time to time in its discretion to delegate any of its powers, authorities and discretions to any branch of the Institute on such conditions and for such period as it thinks fit;

to appoint committees of the Institute for such purposes and with such powers as may be prescribed; and

to exercise all such powers, privileges and discretions as are not by this Act expressly and exclusively required to be exercised by the members of the Institute in general meeting.[36