Powers of Chairman as to institution, etc., of legal proceedings and obtaining legal advice

The Chairman may, subject to the control of the Board – (a) institute, defend or withdraw any legal proceeding under this Act or any rule or regulation made or scheme sanctioned thereunder; (b) admit, compromise or withdraw any claim made under this Act or any rule or regulation made or scheme sanctioned thereunder. (c) obtain such legal advice and assistance as he may, from time to time, think it necessary or expedient to obtain, or as may be desired by the Board to obtain, for any of the purposes referred to in the foregoing clauses of this section, or for securing the lawful exercise or discharge of any power or duty vested in, or imposed upon, the Board or any officer or servant of the Board.