The board of visitors of The Citadel, the Military College of South Carolina, is hereby created a body corporate and politic of this State, by the name and style of "The Board of Visitors of The Citadel, the Military College of South Carolina," and by said name it and its successors in office shall have perpetual succession and be able and capable in law to have, receive and enjoy to it and its successors and convey lands, tenements and hereditaments of any kind or value in fee or for life or years and perpetual property of any kind whatever and all sums of money of any amount whatsoever which may be granted, devised or bequeathed to it for the purpose of building, erecting, endowing or supporting The Citadel, the Military College of South Carolina. But in receiving any such bequest no liabilities of any character shall be made binding or obligatory upon the State, except such as are accepted by the General Assembly. The board shall have a common seal for themselves and their successors with liberty to alter the same from time to time.