Section 62K. The trustees shall be a corporation for the purpose of taking and holding, by them and their successors, in the name of the commonwealth, and in accordance with the terms thereof, any grant or devise of land, bequest of personal property or money or other funds, whether income or principal and whether acquired by gift or contribution or otherwise made, or generated by the trustees for the use or benefit of the school, its students, former students or graduates or any association thereof. Consistent with this purpose, the trustees shall have all the powers permitted a nonprofit corporation under Massachusetts law and an exempt organization described in section 501(c)(3) of the federal Internal Revenue Code, including among others, the power to employ such agencies as they may from time to time determine to be wise and proper for the administration of the funds, and from funds received or the income thereof, to pay such expenses as may be necessary for the administration of these funds, or may, with notification to the governor or council, delegate any powers conferred by this section upon any such company or corporation. In the use, management and administration of such funds, the trustees or their agents shall in their discretion act as most effectively to benefit the school, its students or graduates or any association thereof. No trustee shall be answerable for the default or neglect of any co-trustee, or of any agent employed hereunder, or of any corporation to which power is delegated or transferred as herein authorized.