The person making such grant may therein designate:
(1) The nature, objects and purposes of the institution to be founded, endowed and maintained;
(2) The name by which it shall be known;
(3) The powers and duties of the trustee or trustees and the manner in which he or they shall account, and to whom, if accounting be required; however, such powers and duties shall not be held to be exclusive of other powers which may be necessary to enable such trustee or trustees to carry out the object of such grant;
(4) The mode and manner, and by whom, the successors to the trustee or trustees named in the grant are to be appointed, in perpetuity; and
(5) Such rules and regulations for the management of the property conveyed as the grantor may elect to prescribe; however, such rules shall be deemed advisory only, and shall not preclude such trustee or trustees from making such change as new conditions may from time to time require.