The Board of Trustees may confer such honors and degrees as are usually given in colleges and universities and any other appropriate degrees, and shall appoint a chancellor of the Corporation and a president for each institution under its control and prescribe their duties, salaries, and terms of office. The Board shall make bylaws and regulations for the government of its meetings and each institution under its control prescribing among other things, the terms of admission, courses of instruction, educational standards, rates of tuition, scholarships, and other student aids. (Added 1961, No. 247, § 1, eff. July 28, 1961; amended 2015, No. 19, § 1, eff. July 15, 2015.)