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By the name of the “Trustees of the University of Tennessee,” the trustees shall have perpetual succession and a common seal.
The trustees and their successors designated in subsection (a) shall be endowed with and receive in such manner as the general assembly may from time to time direct, that part of the donation specified in Acts 1807, chapter 64 that designed for the college in East Tennessee. They shall be capable in law to purchase, receive and hold to them and their successors forever, or for any less estate, any lands, tenements, goods or chattels that is given, granted or devised to them, or purchased by them for the use of the university, and to use and dispose of the lands, tenements, goods or chattels, in such manner as to them shall seem most advantageous for the use of the university.
None of the real property belonging to the university shall be sold or otherwise disposed of except at a meeting of the board of trustees.
The trustees and their successors may sue and be sued, plead and be impleaded, in any court of law or equity in this state or elsewhere.
The board of trustees shall:
Appoint a chief executive officer of the University of Tennessee system, who shall be the president of the University of Tennessee system. The president shall serve at the pleasure of the board, subject to the terms of any written employment contract approved by the board;
Define the president's duties, including the president's administrative duties with respect to the system and the individual institutions of the system and, within budgetary limitations, fix the president's compensation and other terms of employment;
Approve, upon the recommendation of the president, the appointments of persons to fill vacant or new positions as chancellors of the campuses and the Institute of Agriculture and, within budgetary limitations, approve their initial compensation and other terms of employment. The chancellors shall:
Report directly to the president. The president shall have authority to annually evaluate the chancellors and to annually set their compensation and other terms of employment; and
Serve at the pleasure of the president. The president shall have authority to remove the chancellors at any time without the approval of the board of trustees;
Approve, upon the recommendation of the president, the appointments of persons to fill other vacant or new positions as officers of the University of Tennessee system designated in the bylaws duly adopted by the board of trustees and approve their initial compensation and other terms of employment. Such other officers of the University of Tennessee system shall:
Report directly to the president unless otherwise provided in the bylaws duly adopted by the board of trustees. The president shall have authority to annually evaluate such other officers and to annually set their compensation and other terms of employment; and
Serve at the pleasure of the president. The president shall have authority to remove such other officers at any time without the approval of the board of trustees; provided, that the board alone shall have authority to remove the chief financial officer and the chief legal officer;
Have the power to remove the president at any time;
Have full authority and control over all university funds, whether appropriated from state revenues or institutional revenues, except authority to reallocate funds appropriated for a specific purpose or funds appropriated pursuant to the outcomes-based funding formula, and shall annually adopt an operating budget, set tuition and fees, and take all actions necessary and appropriate to ensure the financial stability and solvency of the University of Tennessee system;
Confirm the salaries of all employees of the University of Tennessee system and the individual institutions by adoption of the annual operating budget for the university;
Have authority to adopt policies governing the granting and removal of tenure for faculty members;
Approve policies governing student conduct; (J) Oversee and monitor the operation of the intercollegiate athletics programs of the university, including proposed actions reasonably anticipated to have a long-term impact on the operations, reputation, and standing of the intercollegiate athletics programs or the university;
Evaluate student financial aid in relation to the cost of attendance and approve any necessary policies to improve the availability of financial aid that are in the best interest of students, the university, and the state;
Monitor the university's nonacademic programs, other than athletics, including programs related to diversity and monitor compliance of nonacademic programs with federal and state laws, rules, and regulations;
Evaluate administrative operations and academic programs periodically to identify efficiencies to be achieved through streamlining, consolidation, reallocation, or other measures;
Establish a process through which each advisory board created pursuant to § 49-9-501 must provide a recommendation to the president on the proposed operating budget, including tuition and fees, as it relates to the respective institution prior to the adoption of the annual operating budget by the board of trustees, beginning with any operating budget adopted after January 1, 2019;
Establish a process through which each advisory board created pursuant to § 49-9-501 must provide a recommendation to the president on the proposed strategic plan for the respective institution prior to the approval of the strategic plan by the board of trustees, beginning with any strategic plan approved or adopted after January 1, 2019;
Exercise general control and oversight of the University of Tennessee system and its institutions, delegating to the president the executive management and administrative authority necessary and appropriate for the efficient administration of the system or necessary to carry out the mission of the system, and delegating to each chancellor the executive management and administrative authority necessary and appropriate for the efficient administration of such chancellor's institution and its programs, subject to the general supervision of the president. The president shall exercise administrative authority over the chancellors;
Establish a mechanism by which a person may bring an issue to the attention of the board and provide notice of that mechanism to the public;
Provide, in conjunction with regular meetings of the board, a reasonable opportunity for the public to address the board or a board committee concerning issues germane to the responsibilities of the board;
Have the authority to name buildings owned by the university or its institutions; and
Exercise all powers and take all actions necessary, proper, or convenient for the accomplishment of the university's mission and the responsibilities of the board.
As used in this subsection (d), “institution” includes the University of Tennessee, Knoxville, the University of Tennessee at Chattanooga, the University of Tennessee at Martin, the University of Tennessee Health Science Center, the University of Tennessee Space Institute, the Institute of Agriculture, and the Institute for Public Service.
The board of trustees shall also have full power and authority to make bylaws, rules, and regulations for the governance of the university and the promotion of education in the university that in the board's opinion may be expedient or necessary.
The bylaws, rules, and regulations shall not be inconsistent with the constitution and laws of the United States or of this state.
The president and chancellors of the university, with the advice and consent of a majority of the board, are authorized to confer any bachelor's, master's, or doctoral degree approved by the board of trustees upon certification by the appropriate university offices that a student has satisfied all degree requirements and all obligations to the university.