Subject to the approval of the state board of regents, the university of Kansas is authorized to accept from the university of Kansas endowment association a gift of a building to contain a museum of art, to be situated on the campus of the university of Kansas at a location selected by the chancellor of said university and approved by the state board of regents. If the university of Kansas takes action to accept the gift of said building upon its completion, the university and the endowment association shall enter into an agreement authorizing the construction of said building on the site selected and containing such provisions relating to the planning, designing and engineering of said building as deemed necessary by the parties thereto, subject to the approval of the state board of regents. Such agreement shall govern the construction of said building until final acceptance thereof by the university, and the construction of said building shall not be subject to any statutes applicable to the construction of buildings by or for any state agency, nor shall it require the consent of any department, division, commission, board, bureau or agency of the state or require any other proceedings or conditions other than the proceedings or conditions specifically required by this act or the agreement.

Within the limits of appropriations therefor, the university of Kansas is authorized to enter into contracts to supplement the cost of constructing, equipping and operating said building, and any such contract shall be exempt from the provisions of Kan. Stat. Ann. § 75-3739, and any amendments thereto. Upon final acceptance of the completed building by the university, said building shall be owned, operated and maintained by the university of Kansas as a part thereof.