The legislature on behalf of the people of the state of Michigan hereby accepts the gift of the Ferris Institute at Big Rapids, Michigan, together with all properties, real, personal and mixed, owned in connection with the operation of the Ferris Institute. The Ferris Institute shall be continued as a state institution under the name of Ferris State university. As a state institution it shall continue to operate in accordance with the policies and curricula established through the years.

     There is created a board of control for the institution, as a state institution, which shall consist of 8 members to be appointed by the governor, by and with the advice and consent of the senate, for terms of 8 years each, except that of the members first appointed, 2 members shall be appointed for terms of 2 years each, 2 members for terms of 4 years each, 2 members for terms of 6 years each, and 2 members for terms of 8 years each, and the terms of office of the first members of the board shall commence on July 1, 1950. Members of the board shall qualify by taking and filing the constitutional oath of office. Members of the board shall serve until the appointment and qualification of their successors. Members of the board may be removed by the governor for misfeasance, malfeasance, or nonfeasance in office. Vacancies in the board shall be filled by the governor for the unexpired term in like manner as original appointments. The board shall be a body corporate and shall have power to contract and be contracted with. Members of the board shall serve without compensation, but shall be entitled to actual and necessary expenses incurred in performance of official duties. The board shall have control and management of the institution, and is authorized to incur such expenses and to employ such personnel as shall be necessary in carrying out its functions. The board is authorized to accept gifts, grants, or devises of property, real, personal, or mixed, for the benefit of the institution. The board is further authorized and empowered to do any other act or acts necessary in the proper management of the institution as a state institution.

    (1) A majority of the members of the board of control shall constitute a quorum. The business which the board may perform shall be conducted in compliance with Act No. 267 of the Public Acts of 1976, being sections 15.261 to 15.275 of the Michigan Compiled Laws. Public notice of the time, date, and place of the meeting shall be given in the manner required by Act No. 267 of the Public Acts of 1976.

    (2) A majority of the members may enact, amend, and repeal rules and bylaws for the conduct of the board's business and for the government of the institution; fix tuition and other fees and charges; appoint or remove personnel as the interests of the institution and the generally accepted principles of academic tenure permit or require; determine compensation to be paid for services and property; confer degrees and grant diplomas usually conferred or granted by other similar institutions; continue to offer vocational and occupational programs of less than 4 years collegiate degree level of the nature established throughout the years and further develop educational opportunities of that nature; receive, hold, and manage a gift, grant, bequest, or devise of funds or property, real or personal, absolutely or in trust, which will promote the purposes of the institution; enter into agreements not inconsistent with this act as may be desirable in the conduct of the board's affairs; and lease or dispose of property which comes into the board's possession, but the board shall not violate a condition or trust to which the property may be subject. The powers customarily exercised by the governing board of a college or university may be exercised by the board. The enumeration of powers in this section shall not exclude powers not expressly excluded by law.

    (1) The state shall not bear any cost incurred in the transition of Ferris state college to Ferris state university. Costs incurred by the name change shall be borne by the institution from nonstate sources.

    (2) A student shall not bear any cost incurred in the transition of Ferris state college to Ferris state university by an increase in either tuition or other student fees. All costs associated with the transition of Ferris state college to Ferris state university and the source from which funds required to effectuate the transition were received shall be reported to the house and senate appropriations committees no later than December 31, 1989.