(a) The Great War commission has the power and duty to formulate, develop and execute plans for projects and activities that facilitate the appropriate recognition by Tennessee, along with other states and nations, of the centenary of World War I, with particular emphasis on those Tennesseans who made the supreme sacrifice and those who returned home gravely wounded.
(b) The commission is authorized to:
(1) Cooperate with national and international activities that commemorate World War I with appropriate solemnity and accurate scholarship;
(2) Elevate young Tennesseans' knowledge and understanding of World War I, in connection with the teaching of Tennessee, American or world history in public schools and public institutions of higher education; and
(3) Receive and accept loans, gifts, grants, donations or contributions of property, facilities, or services, with or without consideration from any person, firm or corporation or from the state of Tennessee or any agency or instrumentality thereof or from any county, municipal corporation or local government or governing body.