(1) The board is vested with full power, authority, and jurisdiction over the fund.
(2) The board may perform all acts necessary or convenient in the exercise of any power, authority, or jurisdiction over the fund, either in the administration of the fund or in connection with the insurance business to be carried on by it under this part, as fully and completely as the governing body of a private insurance carrier to fulfill the objectives and intent of this part.
(3) The board may invest assets as permitted by § 56-3-402.