Section 3. For the purposes of this chapter, the board shall be authorized and empowered as follows:

(a) to develop a plan of operation for the commission. The plan of operation shall include, but not be limited to:

(1) implementation of procedures for operations of the commission; and

(2) implementation of procedures for communications with the executive director;

(b) to make, amend and repeal rules and regulations for the management of its affairs;

(c) to make contracts and execute all instruments necessary or convenient for the carrying on of its business;

(d) to acquire, own, hold, dispose of and encumber personal property and to lease real property in the exercise of its powers and the performance of its duties;

(e) to seek and receive any grant funding from the federal government, departments or agencies of the commonwealth, and private foundations;

(f) to enter into and execute instruments in connection with agreements or transactions with any federal, state or municipal agency or other public institution or with any private individual, partnership, firm, corporation, association or other entity, including contracts with professional service firms as may be necessary in its judgment, and to fix their compensation;

(g) to maintain a prudent level of reserve funds to protect the solvency of any trust funds under the operation and control of the commission;

(h) to enter into interdepartmental agreements with any other state agencies the board considers necessary to implement this chapter.

(i) to adopt an official seal and alter the same;

(j) to sue and be sued in its own name, plead and be impleaded;

(k) to establish lines of credit, and establish 1 or more cash and investment accounts to receive payments for services rendered, appropriations from the commonwealth and for all other business activity granted by this chapter except to the extent otherwise limited by any applicable provision of the Employee Retirement Income Security Act of 1974; and

(l) to approve the use of its trademarks, brand names, seals, logos and similar instruments by participating carriers, employers or organizations.