Powers and functions of the Governing Board The Governing Board shall direct the operations of the Enterprise. Subject to this Convention, the Governing Board shall exercise the powers necessary to fulfil the purposes of the Enterprise, including powers:
(a) to elect a Chairman from among its members;
(b) to adopt its rules of procedure;
(c) to draw up and submit formal written plans of work to the Council in accordance with article ۱۵۳, paragraph ۳, and article ۱۶۲, paragraph ۲(j);
(d) to develop plans of work and programmes for carrying out the activities specified in article ۱۷۰;
(e) to prepare and submit to the Council applications for pr oduction authorizations in accordance with article ۱۵۱, paragraphs ۲ to ۷;
(f) to authorize negotiations concerning the acquisition of technology, including those provided for in Annex III, article ۵, paragraph ۳(a), (c) and (d), and to approve the results of those negotiations;
(g) to establish terms and conditions, and to authorize negotiations, concerning joint ventures and other forms of joint arrangements referred to in Annex III, articles ۹ and ۱۱, and to approve the results of such negotiations;
(h) to recommend to the Assembly what portion of the net income of the Enterprise should be retained as its reserves in accordance with article ۱۶۰, paragraph ۲(f), and article ۱۰ of this Annex;
(i) to approve the annual budget of the Enterprise;
(j) to authorize the procurement of goods and services in accordance with article ۱۲, paragraph ۳, of this Annex;
(k) to submit an annual report to the C ouncil in accordance with article ۹ of this Annex;
(l) to submit to the Council for the approval of the Assembly draft rules in respect of the organization, management, a ppointment and dismissal of the staff of the Enterprise and to adopt regulations to give effect to such rules;
(m) to borrow funds and to furnish such collateral or other security as it may determine in accordance with article ۱۱, paragraph ۲, of this Annex;
(n) to enter into any legal proceedings, agreements and transactions and to take any other actions in accordance with article ۱۳ of this Annex;
(o) to delegate, subject to the approval of the Council, any non-discretionary powers to the Director-General and to its committees.