The board of regents shall secure the compilation from all available sources and the publication of a revised history of the Hawaiian people; which history, however, shall not be published until after it has been approved either by the legislature or by the trustees of the Hawaiian Historical Society. The board may employ such competent persons as are necessary for the compilation of the volume, purchase the necessary documents, records, and materials for use in the compilation, and make contracts on a royalty basis with publishing firms for the publication of the history. All documents, records, and materials so secured shall be deposited in the state archives after their use by the board.