The board of regents of each state teachers college located in the districts described in subdivisions (1) to (4) of section 174.010 may in its discretion change the name of its college as provided by section 174.020 by eliminating from the name of the institution the words “teachers college” or any of such words and to add the word “university” in lieu of the word “college”, and to change the name of the board as provided by section 174.040 by eliminating therefrom the word “teachers” and to add thereto the word “university” in lieu of the word “college”; and thereafter the institutions and boards shall have and enjoy the same rights and privileges as are granted to colleges by law, but this section shall not be construed to grant authority to grant additional powers or authorities to those institutions or those boards not enjoyed by other colleges or boards whose names are not changed; provided that nothing in this section shall be construed to limit the missions, degree programs, powers or authorities granted to those institutions or boards under section 173.030 and section 174.450.