5.—(1) The principal function of a college shall, subject to the provisions of this Act, be to provide vocational and technical education and training for the economic, technological, scientific, commercial, industrial, social and cultural development of the State with particular reference to the region served by the college, and, without prejudice to the generality of the foregoing, a college shall have the following functions—

(a) to provide such courses of study as the governing body of the college considers appropriate;

F14[(b) to make awards, with the exception of doctoral degrees, to students where the college has satisfied itself that the students have acquired and demonstrated the appropriate standard of knowledge, skill or competence for awards that are included within the National Framework of Qualifications;]

F15[(bb) F16[…]]

(c) subject to such conditions as F17[An tÚdarás] may determine, to engage in research, consultancy and development work and to provide such services in relation to these matters as the governing body of the college considers appropriate;

(d) to enter into arrangements with other institutions in or outside the State for the purpose of offering joint courses of study and of engaging jointly in programmes of research, consultancy and development work in relation to such matters as the governing body of the college considers appropriate;

F18[(e) in relation to any of the following companies or undertakings and in accordance with the following law, namely—

(i) a limited liability company in the State — in accordance with the Companies Acts, or

(ii) a company or undertaking (the liability of members of which is limited) in a state other than the State — in accordance with the law of that state, to—

(I) promote and take part in the formation of it,

(II) acquire, hold or dispose of shares or other interests in its capital, or

(III) participate in the management or direction of it,

but only if the objects of the company or undertaking include the carrying on of such business, trading or other activities, as the college thinks fit, for the purpose of promoting or assisting in the performance of, or in connection with, the functions of the college; ]

(f) to institute and, if thought fit, to award scholarships, prizes and other awards;

(g) to maintain, manage, administer and invest all the money and assets of the college;

(h) to accept gifts of money, land or other property upon such trusts and conditions, if any, as may be specified by the donors: provided that nothing in any such trust or condition is contrary to the provisions of this Act;

F20[(i) subject to the consent of the Minister to acquire, hold and dispose of land, an interest in land or any other property;]

(j) to do all such acts and things as may be necessary to further the objects and development of the college.

F14[(1A) Awards referred to in subsection (1)(b) may only be conferred, granted or given on the recommendation of the academic council of the college to or on persons who satisfy the academic council that they have attended or otherwise pursued or followed appropriate courses of study, instruction, research or training provided by the college, or that they have previously acquired learning in accordance with procedures established by the college under section 56 of the Qualifications and Quality Assurance (Education and Training) Act 2012, and have attained an appropriate standard in examinations or other tests of knowledge or ability or have performed other exercises in a manner regarded by the academic council of the college as being satisfactory.]

(2) F21[…]