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In furtherance of its objectives, the University shall have the following purposes, objects and powers:\n(a) to have perpetual succession; to sue and to be sued; to enter into contracts; to contract debts; to adopt and use a common seal and to alter the same at will;\n(b) to provide instruction, conduct research and disseminate knowledge in the liberal arts and sciences and such other branches of advanced learning as the Board of Trustees may prescribe, and to confer such academic degrees and honors as are usually conferred by similar institutions;\n(c) to acquire, own or 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, sell, improve, manage, develop, lease, mortgage, dispose of, or otherwise turn to account or deal with all or any part of its property for such purposes;\n(d) to prescribe regulations for the government of the University; to employ a President and such other professional and nonprofessional personnel of the University as may be necessary for the operation and performance of its functions.\n(e) to

nt of the University; to employ a President and such other professional and nonprofessional personnel of the University as may be necessary for the operation and performance of its functions.\n(e) to apply for and accept advances, loans, grants, contributions, gifts, donations, appropriation of funds and other forms of financial assistance from the Federal Government; from the Government of the United States Virgin Islands by direct application to the Legislature, subject to the approval of the Governor; or from any source, public or private, for the purposes of this chapter, provided that allotment requests shall be made by direct application to the Commissioner of Finance; and to enter into and carry out contracts in connection therewith.