Section 18 in The Indian Institute of Management Act 2017
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.
Title: Fund of Institute
(1) Every Institute shall maintain a Fund to which shall be credited—
(a) all moneys provided by the Central Government;
(b) all fees and other charges received by the Institute;
(c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;
(d) all moneys received by the Institute from utilisation of intellectual property arising from research conducted or rendering advisory or consultancy services by it; and
(e) all moneys received by the Institute in any other manner or from any other source.
(2) All moneys credited to the Fund of every Institute shall be deposited in such banks or invested in such manner as may be laid down by the Board by regulations.
(3) Each Institute shall create a corpus fund for long term sustainability of the Institute, to which shall be credited such per cent. of the net income of the Institute and donations made specifically towards such corpus fund as the Central Government may in accordance with the provisions of the Income tax Act, 1961 (43 of 1961), notify:
Provided that the Board may also create endowment funds for specific purposes to which donations may be specifically made.
(4) The fund of any Institute shall be applied in such manner and for such purposes as may be specified by the regulations.