The president or executive head of any state-supported institution of higher learning of the State of Mississippi, subject to the approval of the board of trustees of state institutions of higher learning, is hereby authorized and empowered to establish, operate, maintain, and conduct teachers demonstration and practice schools in connection with the operation of such institution of higher learning. The president or executive head of any such institution, subject to the approval of the board of trustees of state institutions of higher learning, shall have full power and authority to regulate and conduct the affairs of such schools and to establish rules and regulations for their government.