(1) It is unlawful for any member of the authority representing the state of Tennessee either to make any agreement or to create any obligation or to commit the state for any funds, moneys, or property in excess of the amounts on hand or the amount of the appropriation for the biennium, or either. Any such agreement, obligation, or commitment shall be null and void. Such agreements, obligations, or commitments shall be approved by the attorney general and reporter prior to their execution by the proper officials of the state of Tennessee.
(2) A violation of this section is a Class C misdemeanor.