The board may:
(1) exercise, to the extent practicable, all powers given to a corporation under the general laws of the state;
(2) have perpetual succession by its corporate name;
(3) sue and be sued in its corporate name;
(4) adopt a seal for use as the board considers appropriate;
(5) accept gifts; and
(6) adopt rules and perform all functions reasonably necessary for the board to administer its functions prescribed by this chapter.