Said board of trustees shall have full charge and supervision of the said hospital and its affairs, and shall appoint a superintendent and such physicians, nurses, clerks, and employes as may be necessary, and fix their compensation in conformity with the standards established by the Executive Board of this Commonwealth. The Board, subject to the approval of the Secretary of Welfare, shall adopt and amend such rules and regulations for the government of the hospital and the admission of patients as it may deem necessary. The board shall be subject in all respects to the laws of this Commonwealth limiting the powers of departmental administrative boards with regard to the expenditure of money and prescribing the duties of departmental administrative boards with reference to the making of financial reports, the furnishing of financial and budgetary information to the department with which it is connected, and the making of biennial reports.