Section 16: Power to receive funds.

The board of an institute shall have power-
(a) to receive all funds which may from time to time be appropriated by the National Assembly therefor and to apply and administer such funds in accordance with the terms and conditions which may be attached to the grant thereof and with the provisions of this Act;
(b) to receive all other monies which may be obtained or given to the board or derived from any source not hereinbefore mentioned and to apply and administer such monies exclusively in furtherance of the purposes for which the institute was established and in accordance with any terms and conditions upon which such monies may have been obtained, given or derived.