The Board shall have the following powers:

To receive and evaluate, or on its own initiative develop, and budget for plans or projects to educate consumers and promote the use of fluid milk products and to make recommendations to the Secretary regarding such proposals;

To administer the provisions of this subpart in accordance with its terms and provisions;

To make rules and regulations to effectuate the terms and provisions of this subpart;

To receive, investigate, and report to the Secretary complaints of violations of the provisions of this subpart;

To employ such persons as the Board deems necessary and determine the duties and compensation of such persons;

To contract with eligible organizations or other persons to conduct activities authorized pursuant to this subpart;

To select committees and subcommittees, to adopt bylaws, and to adopt such rules for the conduct of its business as it may deem advisable; the Board may establish working committees of persons other than Board members;

To recommend to the Secretary amendments to this subpart; and

With the approval of the Secretary, to invest, pending disbursement pursuant to a plan or project, funds collected through assessments authorized under § 1160.211 in, and only in, obligations of the United States or any agency thereof, in general obligations of any State or any political subdivision thereof, in any interest-bearing account or certificate of deposit of a bank that is a member of the Federal Reserve System, or in obligations fully guaranteed as to principal and interest by the United States.