Section 3: Functions of the Board.

(1) The functions of the Board shall be-
(a) to attract moneys into the Fund in order to engender higher level of activities in the field of science and technology;
(b) to participate in the capitalisation of research organisations formed by public and private enterprises, industrial firms or industrial groups;
(c) to make grants for the furtherance of research and development in science and technology, in accordance with the national policy on science and technology; and
(d) to provide funds for the commercialisation of research and development results.
(2) Any grant or loan made or provided pursuant to subsection (1)(b) to (d) of this section shall be evidenced by a duly written and signed agreement between the Fund and the parties concerned.
(3) The Board shall be responsible for the determination of the overall policy of the Fund and, in particular, for the financial programmes and the implementation of all its policies and programmes.