A majority of the members of a board of control shall constitute a quorum. The business which the board of control may perform shall be conducted in compliance with Act No. 267 of the Public Acts of 1976, being section 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. A majority of its 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; 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 its 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, if the board does 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 are vested in each board. The enumeration of powers in this section is not considered to exclude powers not expressly excluded by law.