(1) There is created and established by the state a campus of the University of Tennessee in Hamilton County, to be known as the University of Tennessee at Chattanooga.
(2) The trustees of the University of Tennessee are given the same power, authority and discretion to prescribe and offer courses, curricula and degree programs, acquire land and construct buildings, inaugurate and carry out all necessary supporting work and activities and award degrees of the University of Tennessee at the University of Tennessee at Chattanooga as the trustees now have and exercise at the other colleges and schools of the University of Tennessee.