(a) The United States Virgin Islands Maritime Academy, through the Board of Governors, shall have all the powers necessary and convenient to carry out and perform the purposes and provisions of this chapter, including, but not limited to:
(1) Having perpetual succession; to sue and be sued; to enter into contracts; to contract debts; to adopt and use a corporate seal and alter the same at will;
(2) Appointment and removal of a Superintendent of the Academy, who must be a licensed Master of deep sea motor or steam vessels of any gross tons, and other Coast Guard qualified instructors and employees;
(3) Determining the powers, duties, and responsibilities of the Superintendent and other instructors, and insure that the Academy is operating in accordance with Title 46, United States Code Annotated and Title 46, Code of Federal Regulations, chapter 1, subpart 10.30 Training Schools with Approved Courses;
(4) Determining the compensation of the Superintendent, instructors and employees, giving consideration to the Merchant Marine Act, § 1295c(e);
(5) Fixing the terms upon which students shall be received as cadets, instructed in the Academy, and suspended, discharged or graduated therefrom, including determining the courses of study to be pursued and the granting of academic degrees and honors, provided, that the courses of study shall at least meet the minimum requirements of the Coast Guard regulations found in Title 46, Code of Federal Regulations, Chapter 1, relating to course approval and general standards;
(6) To acquire, own and possess property, whether real, personal or of any other nature whatsoever, or any interests in the same, by bequest, devise, gift, purchase or lease, either absolutely or in trust, for any of its purposes, and to use, improve, manage, develop, mortgage, or otherwise turn to account, or deal with, all or any part of its property for such purposes;
(7) To apply for and accept advances, loans, grants, contributions, gifts, donations, appropriations of funds and other forms of financial assistance from the Federal Government or the Government of the United States Virgin Islands, or other public bodies or agencies or from any sources, public or private for the purposes of this chapter, and enter into and carry out contracts in connection therewith;
(8) Making all regulations pursuant to Title 3, chapter 35, Virgin Islands Code, necessary for the procurement or purchase of supplies and materials for the Academy and its vessels; and
(9) Establishment of standards for scholarships for needy or worthy students.