The Board of Regents shall make, from time to time, such rules and regulations as it deems wise governing the duties of members of the several faculties of the university in respect to scientific, economic or other problems of general or special interest to the people of the state. All money which may be appropriated by the Legislature for any purpose involving the cooperation of the university staffs of instruction or experimentation shall be administered and expended under the direction and control of the board in the manner now provided by law for expenditure of university funds generally.