492

For the purpose of managing and exercising the powers conferred upon the Fund hereby established, the Board of Trustees of the University of the Virgin Islands is hereby constituted a body politic and corporate, in the name and style, 'The University of the Virgin Islands Fund', in such name and style:\n(a) to have perpetual succession;\n(b) to sue and be sued;\n(c) to acquire and possess property, real, personal, of whatever description or nature, and to mortgage or sell the same;\n(d) to contract debts;\n(e) to make contracts;\n(f) to adopt and use a common seal and alter it at will;\n(g) to accept, receive, deposit, control, invest, including investments of the Virgin Islands Public Finance Authority pursuant to 29 V.I.C., § 919 THIRD (E) and deal with any appropriations, gifts, devises, bequests or contributions, regardless of the source thereof, for the purposes of the University, which gifts, appropriations, devises, bequests and contributions shall be exempt from any taxation.\n(h) to do or cause to be done everything that may be necessary to effectuate the exercise of the foregoing powers, as well as any other hereinafter set forth in this chapter.