(1) A majority of the members of the board shall form a quorum for the transaction of business. The business which the board may perform shall be conducted in compliance with Act No. 267 of the Public Acts of 1976, being section 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976.

  (2) The board by majority vote of the membership may enact and amend rules and bylaws for the conduct of the board’s business and for the government of the institution; fix tuition and other fees and charges; appoint and remove personnel as the interests of the institution, the mandates of due process, and the policy of the institution on academic tenure may require; determine the compensation to be paid for services and materials; confer degrees and grant diplomas as are usually conferred or granted by other similar institutions; offer technical, vocational, and occupational programs of less than 4 years collegiate degree level; receive, hold, and manage a gift, grant, bequest, or devise of funds or property, real or personal, absolutely or in trust, to promote the purposes of the college; enter into agreements, not inconsistent with this act, as may be desirable in the conduct of the board’s affairs; and in behalf of the state, lease or dispose of property which comes into the board’s possession, if the board does not violate a condition or trust to which the property may be subject. The board shall assume and agree to pay all liabilities incurred by the board of trustees of Michigan state university before July 1, 1970, for and on behalf of Oakland university. This act shall be construed as implementing, clarifying, and confirming in the board the constitutional powers customarily exercised by the board of control of an institution of higher education established by law having authority to grant baccalaureate degrees. Enumeration of powers in this act shall not be considered to exclude powers not expressly excluded by law.