(1) The contract between the board of public education and the foundation must require the foundation to have:

(a) Articles of incorporation which without limitation stipulate that:

(i) The board of public education shall have one of its members serve as a member of the board of directors of the foundation for the duration of his term as board of public education member; and

(ii) The superintendent of the school for the deaf and blind shall by virtue of his office be one of the directors of the foundation until his successor is duly appointed;

(b) Bylaws which without limitation cover selection of officers, meetings, compensation for services and amendment procedures;

(c) Policy which covers the acceptance, management and expenditure of foundation property, proceeds, interest and income.