Ariz. Rev. Stat. § 15-1625 : EDUCATION — UNIVERSITIES AND RELATED INSTITUTIONS — ARIZONA BOARD OF REGENTS —1625 - General powers of board as body corporate

A. The Arizona board of regents is a body corporate with perpetual succession. The board has jurisdiction and control over the universities.
B. The board may:
1. Adopt a corporate seal.
2. Contract.
3. Sue and be sued.
4. Purchase, receive, hold, make and take leases and long-term leases of and sell real and personal property for the benefit of this state and for the use of the institutions under its jurisdiction.

A.R.S. § 15-1625