(1) A majority of the members of the board shall form a quorum for the transaction of business. The business which the board of control may perform shall be conducted in compliance with the open meetings act, 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 its membership may enact or 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 or remove personnel as the interests of the institution and the generally accepted principles of academic tenure permit or require; determine the compensation to be paid for services and materials; confer degrees and grant diplomas as are usually conferred or granted by similar institutions; receive, hold, and manage any gift, grant, bequest, or devise of funds or property, real or personal, absolutely or in trust, promote the purposes of the university; 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 may exercise all powers customarily exercised by the governing board of a college or university and the enumeration of the powers in this section shall not be considered to exclude powers not expressly excluded by law.