Sec. 4. The board of trustees may make the bylaws and regulations in writing, not inconsistent with the laws of Indiana or of the United States, that the board of trustees determines necessary for the good government of Vincennes University, and the students of Vincennes University. The board of trustees may:
(1) put the bylaws and regulations in execution;
(2) revoke and alter the bylaws and regulations; and
(3) make new bylaws and regulations;
that the board of trustees determines necessary.