(1) When any department, institution, or other agency, or part thereof, is transferred to a principal department under a type 1 transfer, that department, institution, or other agency, or part thereof, shall be administered under the direction and supervision of that principal department but shall retain exactly the same prescribed statutory powers, authorities, duties, and functions as it had prior to the transfer, including: Rulemaking, regulation, licensing, and registration;
(2) The promulgation of rules, rates, and standards; and
(3) The rendering of findings, orders, and adjudications.
(4) It shall exercise those powers, authorities, duties, and functions independently of the head of the principal department.
(5) Following a type 1 transfer, the members of any statutory board or commission so transferred, and their successors, shall continue to be selected in the manner and serve for the terms provided by the statutes applicable to the board or commission as such statutes may from time to time be amended.
(6) Notwithstanding subsections (a) and (b) of this section, under a type 1 transfer, all budgeting, purchasing, and related management functions of any transferred department, institution, or other agency, or part thereof, shall be performed under the direction and supervision of the head of the principal department.