When an intermediate unit board of directors is designated as agent to operate, administer and manage a school and/or institute, such agent shall discharge its duties and responsibilities in accordance with the provisions of a written agreement entered into by the area career and technical board and the intermediate unit board of directors. The agreement shall give the agent the power and authority to operate, administer and manage a school and/or institute given by law to an area career and technical board and shall provide that the agent shall conduct the affairs of the school and/or institute within the limits of the budget adopted by the area career and technical board. In no event shall the powers granted an area career and technical board by clauses (1), (4), (11), (17), (19), (22) and (25) of section 1850.1 (b)¹ be delegated hereunder nor shall the powers granted an area career and technical board by clauses (9), (10), (12) and (14) of section 1850.1 (b) be delegated hereunder, except to the extent that the subject items are fully provided for within the current budget.

These same provisions shall apply when a joint committee is designated to operate and manage a school and/or institute.