7.  The Board shall have all the powers necessary for the performance of the functions of the Commission under this Act and in particular, but without prejudice to the generality of the foregoing, the Board shall have power to-

(a) manage, control and administer the assets of the Commission in such manner and for such purposes as best promote the purposes for which the Commission is established;

(b) receive any gifts, grants, donations or endowments made to the Commission or any other monies in respect of the Commission and make disbursements therefrom in accordance with the provisions of this Act;

(c) determine the provisions to be made for capital and recurrent expenditure and for reserves of the Commission;

(d) open a banking account or banking accounts for the funds of the Commission; and

(e) invest any monies of the Commission not immediately required for the purposes of this Act in the manner provided in section 21.