(1) Adopt and use a corporate seal;

(2) Adopt such bylaws, rules and regulations for the conduct of business and the expenditure of their funds as they may deem desirable;

(3) Acquire sites and construct and equip thereon appropriate facilities in accordance with item (7) of § 59-53-50; all real property is the possession of the area commission regardless of the source of funds for its purchase or construction, except for those campuses currently owned by the State. All personal property purchased with local funds is the possession of the area commission;

(4) Acquire by gift, purchase or otherwise all kinds and descriptions of real and personal property;

(5) Accept gifts, grants, donations, devises and bequests;

(6) Provide appropriate supervision of the maintenance of any facility established to promote post-secondary vocational, technical and comprehensive education;

(7) Exercise responsibility for the operation, maintenance and improvement of institutional facilities;

(8) Employ the respective technical college president, who shall be employed at the will of the area commission from a list of at least three candidates recommended by a committee consisting of the chairman of the area commission or designated commission member, the chairman of the board or designated state board member and one area president appointed by the two aforementioned persons;

(9) Employ such other personnel as may be deemed necessary;

(10) Establish, promulgate and enforce reasonable rules and regulations for the operation of their facilities;

(11) Operate their affairs on a fiscal year beginning on July first each year and ending June thirtieth of the succeeding calendar year;

(12) Expend any funds received in any manner consistent with their approved budget and in accordance with the purposes for which the funds were made available including the proceeds derived from any bonds issued by the county or counties to defray any costs incident to the establishment of adequate facilities for the program and thereafter to expend such funds for the operation, maintenance and improvement of the facilities;

(13) Exercise the right of eminent domain in the geographical area served by each respective institution;

(14) Apply for, receive and expend moneys from all state, local and federal governmental agencies;

(15) Keep full and accurate accounts of receipts and expenditures and make monthly reports in accordance with uniform procedures established for the system, and within ninety days following the close of the fiscal year cause a complete audit of institutional affairs to be made by an independent certified public accountant with copies of the audit report and related documents to be delivered concurrently to the area commission and the Board. The area commission shall make copies available to legislative delegations or county governing bodies participating in the funding of the institution;

(16) Prepare and submit budgets for review by the county governing bodies participating in the funding of the individual institutions and to the Board for approval in accordance with the methods and procedures established by each of the bodies or agencies involved. Local tax revenue budgets shall require the approval of the county governing bodies;

(17) Award certificates, diplomas and associate (but not baccalaureate) degrees to students who successfully complete authorized and prescribed courses and programs of study and training;

(18) Exercise such other powers as may be provided for them by the legislation which established and regulates the particular area commission.

Except as otherwise provided herein, area commissions of the technical institutions existing on June 17, 1976, shall continue as presently constituted and as provided for by the legislation establishing the respective commissions.