15-1625. General powers of board as body corporate A. The Arizona board of regents is a body corporate with perpetual succession. The board has jurisdiction and control over the universities. B. The board may: 1. Adopt a corporate seal. 2. Contract. 3. Sue and be sued. 4. Purchase, receive, hold, make and take leases and long-term leases of and sell real and personal property for the benefit of this state and for the use of the institutions under its jurisdiction.
Arizona Legal Code