(1) The board shall provide the president with private sector perspectives on the operation of a business, large marketing enterprise, and the like. The board shall: Approve, disapprove, amend or modify the budget recommended by the president for the operation of the corporation.
(2) Approve, disapprove, amend or modify the terms of major procurements recommended by the president.
(3) Serve as a board of appeals for any denial, revocation or cancellation by the president of a contract with a lottery retailer.
(4) Adopt such administrative rules and regulations as may be necessary to carry out and implement its powers and duties, the operations of the corporation, the conduct of lottery games in general and any other matters necessary or desirable for the efficient and effective operation of the lottery or convenience of the public.
(5) Any policies adopted by authority of this section or any other section of this chapter must be published and posted on the corporation’s website thirty (30) days prior to becoming effective.