Authority to allocate appropriations among institutions

All appropriations for the use of any or all institutions in the university system shall be paid to the board of regents in a lump sum, with the power and authority in said board to allocate or distribute them among the institutions under its control in such a way and manner and in such amount or amounts as will further an efficient and economical administration of the system. (Ga. L. 1933, p. 61, § 1; Code 1933, § 32-116.)