In carrying out the provisions of each state agricultural plan, the University of Arkansas shall have the power to:
(1) Designate and employ such agencies as it may deem necessary;
(2) Cooperate with local and state agencies and with agencies of other states and of the United States Government;
(3) Provide for the conduct of research and to conduct educational activities in connection with the operation of such plans;
(4) Provide for adjustments, by voluntary methods, in the utilization of land and in farming practices and for payments in connection therewith; and
(5) Prescribe such rules as may be necessary or expedient with reference to the administration of such state agricultural plans.