The board of trustees is hereby declared to be a body politic and corporate, under the name and style of Clemson University. It shall have a corporate seal, which it may change at its discretion, and in its corporate name it may contract for, purchase and hold property, for the purposes of §§ 59-119-10 to 59-119-70 and may take any property or money given or conveyed by deed, devise or bequest to said university and hold the same for its use and benefit; provided, however, that the conditions of such gifts or conveyances shall in no case be inconsistent with the purposes of §§ 59-119-10 to 59-119-70 and that the board shall not by the acceptance thereof incur any obligation on the part of the State. It shall securely invest all funds and keep all property which may come into its possession and may sell any of the personal property not subject to the trust and reinvest the same in such way as it deems best for the interest of said university. It may sue and be sued and plead and be impleaded in its corporate name and may do all things necessary to carry out the provisions of §§ 59-119-10 to 59-119-70 and may make bylaws for this purpose if it deems it necessary.