Section 1. In addition to other powers the Board, in order to carry out its functions and duties,
(1) may adopt, with the approval of this court, rules and regulations not inconsistent with these rules;
(2) may enforce, in its discretion, claims for restitution arising by subrogation, assignment, or otherwise;
(3) may invest or direct the investment of the Fund, or any portion thereof, in such investments as the Board may deem appropriate, and may cause funds to be deposited in any bank, banking institution, savings bank, or federally insured savings and loan association in this Commonwealth provided, however, that the Board shall have no obligation to cause the Fund or any portion thereof to be invested and may delegate some or all of its duties under this subsection (3) to the Administrator of the Board of Bar Overseers;
(4) may employ and compensate consultants, agents, legal counsel, and employees, and, subject to the prior written approval of this court or a justice thereof, may make contracts for the performance of administrative and similar services, for obtaining surety bond or insurance coverage useful or appropriate in providing protection to clients of attorneys, and for other goods and services appropriate in the performance of the Board's duties and may assign for administrative purposes its duties under subsection (4) to the Administrator of the Board of Bar Overseers, in accordance with the Board's written directions, which may be amended by the Board;
(5) may sue in the name of the Board without joining any or all of its individual members; and
(6) may perform other acts necessary or proper for the efficient administration of the Fund.
Section 2. Money shall be disbursed from the Fund only upon written order issued by action of the Board pursuant to this Chapter Four. At least once each year, and at such additional times as the court may order, the Board shall file with this court a written report of its administration of the Fund.
Section 3. The Board annually, and at such other times as this court may direct, shall obtain an independent audit by a certified public accountant of funds received and paid out by it in connection with the administration of the Fund. The cost of any such audit shall be paid from the Fund.
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