Functions of the Board

Functions of the Board

  • Functions of the Board
    The Board is responsible for the policy and strategic directions of ASTRI in performing the following main functions:

    (a) to conduct science and technology research and development (‘R&D’) and to transfer the results of such R&D to industry with a view of enhancing the competitiveness of industry;

    (b) to enter into any arrangements with the Government or any authority that may seem conducive to ASTRI’s objects or any of them; to obtain from the Government or any authority any rights, privileges, concessions and subvention which ASTRI may think it desirable to obtain; and to carry out, exercise, and comply with any such arrangements, rights, privileges and concessions;

    (c) to apply for registration or patent of intellectual property rights arising from the work of ASTRI; to sell, lease, grant license or otherwise dispose of ASTRI’s intellectual property rights;

    (d) to form companies to undertake the business of exploiting the technologies developed by ASTRI’s R&D efforts (to ‘spin-off’); to raise financing from third party investors, including the venture capital firms or industry to fund the development of such spin-off companies; to sell such spin-off companies or related assets or businesses to third party buyers;

    (e) to apply solely the income and property of ASTRI wheresoever derived towards promotion of its objects;

    (f) to purchase, lease, exchange, hire or otherwise acquire any property or assets which may be deemed necessary or convenient for carrying out the objects of ASTRI;

    (g) to employ staff, and to determine their numbers, grading, duties, remuneration and other conditions of service;

    (h) to enter into contracts or other agreements and to terminate any such contracts or agreements which may be deemed necessary or convenient for carrying out the objects of ASTRI;

    (i) to engage outside professional bodies to advise on or perform any service for ASTRI and to terminate such contracts or agreements;

    (j) to fix and charge fees for the services to be provided by ASTRI;

    (k) to be a member or otherwise take part in the activities of associations or other bodies of persons concerned in matters relating to industry and science and technology R&D;

    (l) to organise and hold seminars, exhibitions, training courses and overseas missions relating to any aspect of the promotion of the work of ASTRI;

    (m) to produce and sell publications and audio-visual materials that ASTRI may think desirable for the promotion of its objects;

    (n) to accept gifts of money or other property of any description upon such terms and conditions (if any) as specified by the donor, provided that the terms and conditions attached to the gift are not inconsistent with the functions of ASTRI;

    (o) to invest the monies of ASTRI not immediately required for its purposes in or upon such investments as may be thought fit; and

    (p) to establish or promote, or concur or participate in establishing or promoting, any company, and to subscribe for, purchase or otherwise acquire securities of any company and to carry on the business of ASTRI.