For the effectuation of the purposes of this chapter, the Board, in addition to such other powers expressly granted to it by this chapter, shall have the following powers:

(1) To select such officers, including a Chair, as it may deem desirable from among its own membership;

(2) To adopt and use a seal;

(3) To sue and be sued;

(4) To adopt bylaws and to make and promulgate such rules and regulations as are necessary and proper for the conduct of the business of the Board;

(5) To exercise all other powers not inconsistent with this chapter which may be reasonably necessary or incidental to effectuate the purposes of the Institute.

60 Del. Laws, c. 137, § ?1;