(a) The board of trustees shall appoint a chancellor who shall serve as the chief executive officer of the university and as secretary to the board and shall perform all services as may be required by the board. The compensation of the chancellor, including the emoluments and prerequisites necessary to carry out the functions of the office, shall be fixed by the board.
(b) The board of trustees may act as a body, or may delegate by resolution or bylaw to a committee of the board or to the chancellor, the authority to do any of the following:
(1) Appoint the faculty of the university and other professional and operating personnel as the interest of the university may require.
(2) Remove any instructors or other personnel.
(3) Fix, increase, or decrease the salaries or compensation of individual instructors and other personnel.
(4) Hire personnel, establish and implement personnel rules, and establish policies and practices for hiring, promoting, demoting, and terminating instructors, other personnel, and employees, or for taking any other action consistent with this section.
(c) The board of trustees, as a body of the whole, may do any of the following:
(1) Institute, regulate, alter, or modify the governance of the university, as the board may deem advisable.
(2) Prescribe courses of instruction, rates of tuition, and fees.
(3) Confer academic and honorary degrees.
(4) Do whatever else the board may deem best for promoting the interest of the university.