(a) Unless otherwise provided in its charter or by the governing body of the church or denomination under whose control the institution is organized and maintained, the corporation thus formed shall:
(1) Have perpetual succession;
(2) Be empowered to fill all vacancies occurring in the corporation by removal, death, resignation, or expiration of term of office;
(3) Have power to sue and be sued, to contract and be contracted with, to make and to use a common seal and to alter it at pleasure;
(4) Have power to buy and to sell real and personal property and to take by gift, conveyance, devise, or bequest real and personal property, and to hold them;
(5) Have power to enter into cooperative relations with other educational institutions for the establishment and maintenance of such departments or schools as they may agree to correlate; and
(6) Have power to make rules for the government of such departments or schools as they may deem proper.
(b) The board of trustees of the corporation:
(1) Shall be charged with the government of the institutions established by its agency and the appointment of all officers and instructors therefor and the compensation of them; and
(2) May delegate their powers of government to the president and faculty of any such institutions or to an executive committee composed of three (3) or more of its members.
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