The Council may: adopt a seal; sue or be sued, subject to the limitations of Title 5, Subtitle 3 of the Courts Article; adopt a charter, bylaws, rules, and guidelines to carry out its purposes; acquire, hold, lease, use, encumber, transfer, or dispose of property; enter into a contract and execute any instrument necessary or convenient to carry out its purposes; exercise any corporate power granted to a corporation under the Corporations and Associations Article; serve, with the State Department of Transportation, as a metropolitan planning organization for federal funding and certification; and do all things necessary or convenient to carry out the powers granted by this subtitle. The Council shall report annually to the General Assembly, in accordance with § 2–1257 of the State Government Article, on: the status of the Council’s efforts; and recommended policy goals, strategies, and statutory changes to improve regional cooperation and the long–term health of the region.