49-8-107. Fiscal procedures.

(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 technical institutes and community junior 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 and regulations prescribed by the state university and community college system or the state board of education as applicable. 

(2) Such colleges shall furnish monthly statements of their requirements to the commissioner of finance and administration, who shall draw a state warrant therefor. 

(b)  The purpose of this section is to provide that the state colleges hereinabove enumerated shall enjoy under the state university and community college system 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. 

[Acts 1949, ch. 32, § 3; C. Supp. 1950, § 255.24; impl. am. Acts 1957, ch. 4, § 1; impl. am. Acts 1959, ch. 9, § 3; impl. am. Acts 1961, ch. 97, § 3; impl. am. Acts 1963, ch. 67, § 1; impl. am. Acts 1965, ch. 30, §§ 1, 2; Acts 1965, ch. 346, § 1; 1968, ch. 458, § 1; impl. am. Acts 1969, ch. 302, § 1; Acts 1970, ch. 423, § 1; impl. am. Acts 1972, ch. 838, § 1; Acts 1973, ch. 80, § 3; 1973, ch. 144, § 1; 1975, ch. 140, § 1; T.C.A. (orig. ed.), § 49-3215; Acts 1994, ch. 538, § 2.]