Sec. 3. (a) The commission may:
(1) accept and use gifts, grants, and contributions from any public or private source, under terms and conditions which the commission deems necessary and desirable;
(2) sue and be sued;
(3) enter into contracts and agreements;
(4) make rules and regulations necessary for the conduct of its business and the accomplishment of its purposes;
(5) receive and approve, alter, or reject requests and proposals for funding by corporations described in section 7 of this chapter;
(6) transfer money received under this chapter for the purposes specified in sections 7 and 7.5 of this chapter; and
(7) require financial or other reports from any corporation that receives funds under this chapter.
(b) A majority of the commission shall constitute a quorum for the transaction of business and the concurrence of a majority of those present shall be necessary to authorize any action.