(a) The president shall be the chief executive and administrative officer of the university and shall perform all duties which the board of trustees may prescribe. He shall have the right to attend all meetings of the board and to be heard on all matters before it, but shall have no right to vote on any matter.

(b) The treasurer of the university shall give a proper bond in such amount and with such corporate surety as is approved by the board of trustees, which shall be filed with the board. The account of the treasurer shall be audited, annually, by a certified public accountant or other qualified public accountant selected by the board of trustees.