The board of regents of the university of New Mexico shall manage, control and govern the Carrie Tingley crippled children’s hospital program under rules, regulations or other directives and policies as the board of regents may from time to time prescribe. The board of regents of the university of New Mexico has the full power to enter into contracts or other agreements as it deems necessary or desirable for the operation and management of the Carrie Tingley crippled children’s hospital program.