(a) The Tennessee historical commission may expend funds appropriated or available to it in the repair, renovation, and restoration of the James K. Polk Home, and the improvement of the premises for use by the general public.
(b) The Tennessee historical commission will hold legal title to the property, but may assign actual custody and control of the property to a Tennessee nonprofit corporation organized for the express purpose of restoring, maintaining, and operating the James K. Polk Home and its premises. Such corporation has the right to operate and manage the property on behalf of the Tennessee historical commission for the benefit of the general public, and to keep the property and improvements in a high state of improvement and repair, and to operate and maintain the grounds improved by the Tennessee historical commission in a manner consistent with such guidelines as may be promulgated by the Tennessee historical commission, or as the Tennessee historical commission may contract with the corporation.