(a) The president shall devote himself to the duties devolving upon him by statute and the rules and resolutions of the Regents, to the encouragement and promotion of education throughout the University and to the inspection of its several institutions and departments, and shall make such recommendations to the Regents as he may deem necessary or proper. In the absence of other officially designated representatives of the Board of Regents, he shall represent the Board of Regents and the University on ceremonial occasions in this and other academic jurisdictions.

(b) No person may sign any agreement or contract on behalf of the University of the State of New York except the president or a fiscal agent designated by him. A contract, for the purpose of this paragraph, shall include a contract, a memorandum of understanding, or any other written promise to pay money or incur a financial obligation.