There is established a state institution of higher education having authority to grant baccalaureate degrees, known as Oakland university to be located in Oakland county. The institution shall be maintained by the state and its facilities shall be made available equally and upon the same basis to all qualified residents of this state. The institution shall be governed by a board of control which shall be a body corporate. The board of control shall have general supervision of the institution and the control and direction of all expenditures from the institution’s funds. Until changed by resolution of the board, the body corporate shall be known as the “board of control of Oakland university”, hereinafter referred to as “the board” with the right of suing and being sued, adopting a seal and altering the same.