Section 12
SEC. 12. Powers of the Board. ─ The Board shall have the following powers: To formulate policies, rules and regulations to carry out effectively the functions of the Fund under this Act; To direct the operations and administration of the Fund; To authorize expenditures of the fund in the interest of effective administration and operations; to adopt from time to time the budgets for said purposes; To approve appointments of personnel; and To exorcise such other powers as may be necessary to carry into effect the powers and accomplish, the purposes for which the Fund is established.