The board of control may receive, hold and manage any gift, funds, or property granted or devised to it, or to the institution, to promote any of the purposes of the institution. The board may cooperate with other educational institutions, governmental bodies, industries, or persons, in such manner and degree as, in its judgment, will promote the welfare of the institution and of the industries of Michigan. The board may enter into agreements, not inconsistent with this act, as may be desirable, in its judgment, in the conduct of such matters and the management, control and administration of the affairs of the institution.