The Board of Regents and the Director appointed by the Board shall, to the best of their ability, observe and carry out the requirements of an Act of Congress entitled ‘An Act to establish agricultural experiment stations in connection with the colleges established in the several states under the provisions of an act approved July second, eighteen hundred and sixty-two, and of the acts supplementary thereto,’ approved March 2, 1887 (c. 314, 24 Stat. 440), and all acts amendatory thereof and supplemental thereto. The Board of Regents shall have charge of the receipts, safekeeping and expenditure of all money appropriated by Congress for the benefit and use of the Agricultural Experiment Station.