Section 17 in The Indian Institute of Management Act, 2017
Title: Initiation of inquiry
(1) The Board may initiate an inquiry as deemed proper against the Institute which has not been functioning in accordance with the provisions and the objectives of the Act:
Provided that such an inquiry shall be conducted by a retired High Court Judge.
(2) The Board may, based on the findings of such an inquiry, remove the Director or take any other action deemed fit, and the Insitute shall be bound to comply with such directions within reasonable time.
Title: Custodian of records, etc
The Board may designate any officer or officers of the Institute as the custodian of records, common seal, funds of the Institute and any other property of the Institute
Title: Role of members of Society
The members of the societies referred to at serial numbers 2 and 3 under column (3) of the Schedule, may be engaged by the respective Boards of corresponding Institutes, for advisory assistance to it, by passing a resolution in that behalf.
Title: Committees and other authorities
(1) The Board may, constitute such committees and other authorities of the Institute and specify the duties and functions of each such committees and authorities by regulations.
(2) The Board may constitute such ad hoc committees as it may deem fit, for proper management of affairs of the Institute.
Title: Grants by Central Government
For the purpose of enabling the Institutes to discharge their functions efficiently under this Act, the Central Government may, after due appropriation made by Parliament by law in this behalf, pay to every Institute such sums of money in such manner as it may think fit.