If the commission determines that any of the conditions provided for in section three of this article have been met, then as to those entities to whom the conditions apply, the commission may:
(1) Designate the governing boards that shall become institutional boards of advisors and transfer governing authority of that board to the governing board of the college;
(2) Transfer as appropriate, consistent with state law, all powers, duties, property, obligations, contracts, rules, orders, resolutions or any other matters which should be transferred or vested in the governing board;
(3) Assign powers and duties to the governing board and the college as may be necessary or expedient to accomplish the purposes of this article;
(4) Create the office of president of the college; and
(5) Take such other action as necessary or expedient to accomplish the purposes of this chapter.