Section 42L. The trustees of the college and the trustees of the institute shall administer property held in accordance with special trusts, and shall also administer grants or devises of land and gifts or bequests of personal property made to the commonwealth for the use of said college or institute, and execute said trusts, investing the proceeds thereof in notes or bonds secured by sufficient mortgages or other securities. The trustees shall have the authority to assent to federal laws designed to benefit said college or institute and to enter into agreements or contracts with the federal government or agencies thereof, as well as into agreements or contracts with agencies of other governments, other colleges and universities, foundations, corporations, interstate compact agencies and individuals where such agreements or contracts, in the judgment of the trustees, will promote the objectives of the college and the institute.