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

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

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