At their first meeting today, the new trustees took that action during a 10 hour session.
The appointment of two new trustees this month could change the arithmetic.
In April 1984, a court appointed new trustees for the institute's holdings.
He notes that new trustees are contributing "at a much higher level."
The board, which put new trustees in power on Monday, said it would appeal.
The seven new trustees face the task of turning around a $240 million school system, with nearly 25,000 students in 38 schools.
The new trustees say they are intent on establishing a sense of order and control.
"Most new trustees are known to at least one member of the board."
He gave the university the power to nominate new trustees as the old ones died or retired.
The new trustees want to turn them over to private management.