Section 4: Powers of the Board, etc.

(1) Subject to the provisions of this Act, the Board shall have power to do anything which in its opinion is calculated to facilitate the carrying out of its functions under this Act.
(2) Without prejudice to the provision of subsection (1) of this section, the Board shall have power-
(a) to open and operate ordinary and domicilliary accounts with any recognised banking institutions in Nigeria;
(b) to invest moneys in stocks, bonds, research projects and commercialisation of research results when the need arises;
(c) to entertain or consider and accept applications for funds in relation to the functions specified in section 3 of this Act;
(d) to appoint specialist committees to assess applications for grants.
(3) The powers conferred on the Board under subsections (2) and (3) of this section may be exercised by or through any employee authorised by the Board so to do.
(4) The Board shall have power to regulate its proceedings and may make standing orders for that purpose.