The general administration and the responsibility for the proper operation of the OPEB System and for making effective the provisions of chapter 36-12 of this title are hereby vested in an OPEB Board. The OPEB Board shall, from time to time, establish rules and regulations for the administration and transaction of the business of the OPEB System. Rules and regulations which have been or may be established pursuant to the provisions of this chapter shall be compiled, codified, and published so that they shall be generally available to the members of the system. The OPEB Board shall also perform such other functions as are required for the execution of chapters 12, 12.1 and 12.2 of this title. In its discretion, the OPEB Board may issue regulations governing the application of this chapter.