The Board of Regents of the Oklahoma College of Liberal Arts shall have the supervision, management and control of the Oklahoma College of Liberal Arts; and it shall have the following additional powers and duties:

(a) Adopt such rules and regulations as it deems necessary to govern the Oklahoma College of Liberal Arts.

(b) Employ and fix the compensation and duties of such personnel as it deems necessary, including architects, attorneys, engineers and other professional and technical persons for its operation and for the operation of the Oklahoma College of Liberal Arts. Any of such personnel having custody of public funds or other public property may be required to furnish corporate surety bonds in such amounts as may be deemed necessary by the Board, payable to the State of Oklahoma and conditioned upon a faithful accounting of all such funds and property.

(c) Enter into contracts, purchase supplies, materials and equipment, and incur such other expenses as may be necessary to make any of its powers effective.

(d) Authorize officials at the Oklahoma College of Liberal Arts to act in its behalf in the making of contracts, or in carrying out the powers conferred upon it.

(e) Receive and make disposition of monies, grants, and property from federal agencies, and administer the same in accordance with federal requirements.

(f) Accept gifts of real and personal property, money and other things, and use or dispose of the same in accordance with the directions of the donors or grantors thereof.

(g) Direct the disposition of all monies appropriated by the Legislature or by the Congress or derived from the sale of bonds or received from any other source by the Oklahoma College of Liberal Arts.

(h) Acquire and take title to real and personal property in its name, on behalf of the Oklahoma College of Liberal Arts, and convey, exchange or dispose of, or otherwise manage or control, such property in the interest of such institution, including the granting of leases, permits, easements and licenses over or upon any such real property. The Board shall have the power to institute any legal action in the name of the Board before any court having jurisdiction of such actions. The Board shall have custody of abstracts of title and instruments affecting the ownership of or title to real property belonging to the Oklahoma College of Liberal Arts.

(i) Have supervision and charge of the construction of all buildings at the Oklahoma College of Liberal Arts.

(j) Determine the need for and cause to be constructed dormitories and other buildings, on a self-liquidating basis, at the Oklahoma College of Liberal Arts.

(k) Establish and maintain plans for tenure and retirement of employees at the Oklahoma College of Liberal Arts, and for payment of deferred compensation of such employees; and provide hospital and medical benefits, accident, health, and life insurance, and annuity contracts, for such employees and their dependents. The Board may pay for all or a part of the cost thereof for employees, with funds available for the operation of the institution. Amounts payable by an employee for such insurance or annuity contracts may with the consent of the employee be deducted from his salary.

(l) Maintain an inventory of all property belonging to the Oklahoma College of Liberal Arts.

(m) Audit all accounts against the funds allocated to the Oklahoma College of Liberal Arts.

(n) Provide penalties and forfeitures by way of damages and otherwise for the violation of rules and regulations of the Board, which may be sued for and collected in the name of the Board before any court having jurisdiction of such actions.

(o) Do all things necessary or convenient to carry out the powers expressly granted to it, or to make the Oklahoma College of Liberal Arts effective for the purposes for which it is maintained or operated.

Laws 1965, c. 396, § 606; Laws 1965, c. 510, § 2.