The board of trustees of Winthrop University is hereby created a body corporate by the name and style of The Trustees of Winthrop University and shall by said name have perpetual succession of officers and members, the right to use and keep a common seal and to alter the same at will. It may sue and be sued and contract and be contracted with and may own, purchase, sell and convey property, both real, personal and mixed, and may receive and hold donations, devices, bequests and legacies for the use and benefit of said institution; provided, however, that all property purchased under the authority of this chapter shall be free from liens and encumbrances and title to the same as well as to donations that said board may receive shall be taken in the name of the trustees in their corporate capacity and shall become the property of this State.