Section 6404. Purchases by certain independent institutions

Any
  postsecondary institution chartered under  the  powers  of  the  regents
  pursuant  to section two hundred sixteen or incorporated under a special
  act of the legislature may make purchases, except of  printed  material,
  pursuant  to  the  terms  of  contracts  let  by  the  state division of
  standards and purchase in the office of general services subject to such
  rules as may be established from time to time pursuant  to  section  one
  hundred  sixty-three  of  the  state  finance  law  which  may establish
  limitations  with  respect  to  commodities  and   impose   such   other
  appropriate  conditions  upon  purchasing  as  deemed  necessary  by the
  commissioner of general services in order to  protect  the  state's  own
  purchasing interests; provided that each such purchase shall have a cost
  of  five  hundred dollars or more and that said corporation shall accept
  sole responsibility for any payment of such cost due the vendor.