(a)
(1) Austin Peay State University, East Tennessee State University, Middle Tennessee State University, Tennessee State University, Tennessee Technological University, the University of Memphis, and, subject to prior approval of the commissioner of finance and administration and the comptroller of the treasury, the state colleges of applied technology and community colleges are authorized to maintain bank accounts in their own names and to draw vouchers and checks for their expenditures through their own disbursing officers to maintain their own fiscal procedure under rules prescribed by the board of regents and the state university boards.
(2) The institutions shall furnish monthly statements of their requirements to the commissioner of finance and administration, who shall draw a state warrant for the expenditures.
(b) The purpose of this section is to provide that the state institutions enumerated in subsection (a) shall enjoy the same privileges now enjoyed by the University of Tennessee under the direction and supervision of the board of trustees of the University of Tennessee.
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