The board shall:

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A. exercise trusteeship over the collections of the museum; B. accept and hold title to property for museum use;

C. enter into agreements or contracts with private or public organizations, agencies or individuals for the purpose of obtaining real or personal property for museum use;

D. solicit and receive funds or property of any nature for the development of the museum, its collections and its programs;

E. establish a New Mexico film museum foundation, incorporated, for the purpose of raising funds for the development of the museum, its collections and its programs; and

F. adopt rules as may be necessary to carry out the provisions of the New Mexico Film Museum Act.