(a) There is hereby created the Tennessee financial literacy commission for the purpose of raising funds, developing, managing and implementing the plans and programs described in this part. Such educational programs include, but are not limited to, financial literacy education programs for elementary school students and their parents and the promotion of financial literacy in college savings.

(b) The commission shall be administered by a board of directors, which shall be selected pursuant to this part.

(c) In addition to the powers granted by any other provisions of this part, the board shall have the powers necessary or convenient to carry out the purposes and provisions of this part, the purposes and objectives of the commission and the powers delegated by any other law of this state including, but not limited to, the following express powers:

(1) Incorporate the commission as a nonprofit corporation under the Tennessee Nonprofit Corporation Act, compiled in title 48, chapters 51-68, and after such incorporation, to apply for tax exempt status under 26 U.S.C. § 501(c)(3);

(2) Upon such incorporation, have all the rights and powers of a nonprofit corporation under the Tennessee Nonprofit Corporation Act;

(3) Request from any branch, department, division, board, bureau, commission or other agency of the state or any entity that receives state funds, such information as will enable the commission to perform the duties required by this part;

(4) Enter into mutual agreements with any state or local government, or subdivision thereof, or any for-profit or not-for-profit entity authorizing the commission to use any facility within the control or jurisdiction of such entity; or for the rendering of any services by any such entity to the commission or by the commission to any such entity, which are for or in connection with the commission's activities;

(5) Make, execute and deliver contracts, conveyances and other instruments necessary to the exercise and discharge of the powers and duties of the board;

(6) Contract for the provision of all or any part of the services necessary for the management and operation of the commission, and for the development, management and implementation of the plans and programs described in this part;

(7) Contract with consultants as necessary or desirable to carry out its responsibilities under this part;

(8) Promote, advertise and publicize the commission;

(9) Coordinate and promote financial literacy and education efforts at the state and local level, including promoting partnerships among state, and local governments, nonprofit organizations, including the commission, and private enterprises; and

(10) Procure and enter into any personal, professional or other type services contract in such manner and under such terms as may be prescribed by the board without regard to the requirements or the provisions of title 12, chapter 4.