The State Agricultural Society is subject to and has all powers, rights, and privileges granted by law, with the following exceptions:
(1) The society need not comply with the provisions of Laws 1939, chapter 431, relating to budgets, allotments, and encumbering of funds.
(2) The society is not subject to the supervision of the commissioner of administration in the erection and construction of any new building.
(3) The books and accounts of the society are subject to examination by the legislative auditor.