The trustees of the Leland Stanford Junior University may exercise corporate powers and privileges. To that end they may:
(a) Organize and act as a board of trustees.
(b) Elect such officers of the board as they deem necessary.
(c) Adopt bylaws.
As a board, and through the officers thereof, they may transact such business, perform such acts and exercise such powers as they in writing provide may be transacted, performed, and exercised by the board.