(1) The trustees are authorized to create a nonprofit corporation in accordance with 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) The corporation has all the rights and powers of a nonprofit corporation under the Tennessee Nonprofit Corporation Act, and has such powers as are necessary to carry out the intent of this part, including, but not limited to, the solicitation of contributions and disbursement of funds.