The board of directors shall provide the president with private-sector perspectives on the operation of a large marketing enterprise. The board shall:
(1) Approve, disapprove, amend, or modify the budget recommended by the president for the operation of the corporation.
(2) Approve, disapprove, amend, or modify the terms of major lottery procurements recommended by the president.
(3) Serve as a board of appeal for any denial, revocation, or cancellation by the president of a contract with a lottery retailer.
(4) Adopt such administrative rules and regulations in accordance with the provisions of the Administrative Procedure Act as may be necessary to carry out and implement its powers and duties, the operations of the corporation, the conduct of lottery games in general, and any other matters necessary or desirable for the efficient and effective operation of the lottery or convenience of the public.