5.1 Any contract with a private support organization must be approved by the Board of Regents and must: (a) provide adequate consideration to the public, (b) serve a public purpose, and (c) enable the Board of Regents, through the Chancellor, to maintain sufficient control over any public resources provided by the contract to ensure the public purpose therein is met.
5.2 Contracts between the Board of Regents and a private support organization on which members of the Board of Regents serve will not be approved unless specific statutory language authorizes execution of a contract with the private support organization.
5.3 Contracts between the Board of Regents and a private support organization on which the members of the Board of Regents do not serve will be approved only if:
(1) A majority of the trustees or directors of the private support organization are System or Component officers or employees;
(2) The trustees or directors are appointed or approved by the Board of Regents, or
(3) The Board of Regents has approved the constitution, bylaws, or other governing instrument of the organization which specifies the selection procedures for the organization's trustees and directors.