The board of control may confer appropriate degrees and grant diplomas for which accreditation has been received from appropriate national accreditation authorities; receive, hold and manage any gift, grant, bequest or devise of funds or property, real or personal, absolutely or in trust, to promote any of the purposes of the school of osteopathic medicine; enter into agreements, not inconsistent with this act, as may be desirable in the conduct of the affairs of the university; and in behalf of the state lease or dispose of any property which comes into its possession, if in so doing it does not violate any condition or trust to which such property may be subject. All powers customarily exercised by the governing board of a college or university are vested in the board of control of the institution of higher education to which the school of osteopathic medicine is assigned and the enumeration of powers herein shall not be deemed to exclude any powers not expressly excluded by law.