(a) Under Article VI, Section 31a of the Oklahoma Constitution, The Board of Regents is vested with the exclusive authority to oversee, manage, and govern the operations of the agricultural and mechanical colleges of the State of Oklahoma. This authority is supplemented by statutory authorizations adopted by the Oklahoma Legislature from time to time. Without limiting the generality of such statutory enactments, the powers of the Board of Regents to control and use moneys accruing to the institutions under its jurisdiction and control, from nontax sources, including institutional earnings, and proceeds of sales of surplus properties, heretofore authorized to be sold, and revenues derived by way of bonuses and rentals from oil and gas leases, for any lawful institutional purpose, is hereby specifically confirmed.
(b) The enumeration of certain powers and immunities of the Board of Regents for the Agricultural and Mechanical Colleges shall not be construed as in derogation or as a limitation of other powers and immunities properly belonging to said Board by virtue of any provisions of the Constitution of Oklahoma or any provision of law. Under the Oklahoma Constitution, the Board of Regents is expressly granted every power necessary or convenient to make institutions under its jurisdiction effective for the purposes which they were created and are maintained and operated.
(c) The statutes of the Territory of Oklahoma form the basis for the Constitutional prerogatives and authority of the Board of Regents according to applicable judicial opinions of the Supreme Court of the State of Oklahoma. By law, the present Board of Regents posses the same powers as the Territorial Board did at statehood, and therefore these powers are also constitutional in nature.