The museum board of regents shall:

A. elect from among its members a president and other officers deemed necessary by it;

B. establish museum of New Mexico policy and determine the mission and direct the development of the museum;

C. solicit funds for the purpose of developing, restoring and equipping the museum and its property and for the purchase of objects and works of art for its collections and for the development of exhibits and other public programs;

D. exercise trusteeship over the collections of the museum; E. hold title to all property for museum use;

F. acquire objects of historical, archaeological and ethnological interest and works of fine art, folk art and craft of interest to the public and real property for museum use or benefit by purchase, donation and bequest;

G. adopt rules as appropriate governing:

(1)     the loan of objects and exhibits to qualified institutions and agencies for the purpose of exhibition;

(2)     gifts, donations or loans of exhibit or collection materials for the museum; (3)     the licensure of the museum’s intellectual property; and

(4)     other matters necessary to carry out the provisions of N.M. Stat. Ann. Chapter 18, Article 3;

H. enter into leases with public or private agencies or organizations for the use of museum premises or facilities as appropriate for periods that exceed forty-five days;

I. cooperate with other agencies and political subdivisions of municipal, state, tribal and federal governments and private organizations and individuals to the extent necessary to establish and maintain the museum and its programs;

J. subject to other provisions of law and excepting temporary statewide initiatives of the secretary of cultural affairs, impose admission fees to the museum facilities and programs; and

K. review annually the performance of its directors and report its findings to the secretary of cultural affairs.