There is hereby established a state institution of higher education to be located in the industrial area of southeastern Michigan. The institution shall be maintained by the state of Michigan, and its facilities shall be made equally available and upon the same basis to all qualified residents of this state. The conduct of its affairs and control of its property shall be vested in a board of governors, the members of which shall constitute a body corporate known as the “board of governors of Wayne state university,” hereinafter referred to as “the board,” with the right as such of suing and being sued, of adopting a seal, and altering the same.