The board of land and natural resources shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this chapter, including, without limitation, the following powers in addition to others herein granted:
(1) To make and execute contracts and other instruments necessary or convenient to the exercise of the powers of the board;(2) To make, amend, or repeal any rule or regulation, having the force and effect of law, in accordance with chapter 91;(3) To prepare, carry out, and operate development projects in any development area; and to provide for the construction, reconstruction, improvement, alteration, or repair of any development project or any part thereof;(4) To provide for the regulation of development projects financed by private funds and instituted under the terms of this chapter;(5) To sell, to lease, or to lease with option to purchase lands; and(6) In addition to all of the other powers conferred upon it, to do all things necessary and convenient to carry out the powers expressly given by this chapter.L 1961, c 6, §5; am L 1965, c 96, §81; Supp, § 98J-5; HRS § 206-4