Section 15-1625 - General powers of board as body corporateA. The Arizona board of regents is a body corporate with perpetual succession. The board has jurisdiction and control over the universities.B. The board may: 1. Adopt a corporate seal.4. Purchase, receive, hold, make and take leases and long-term leases of and sell real and personal property for the benefit of this state and for the use of the institutions under its jurisdiction.