The assent of the general assembly having heretofore been given to the provisions and requirements of the Act of Congress of May 8, 1914, and amendments thereto (7 U.S.C.A. Sec. 341 et seq.), the University of Missouri is authorized and empowered to receive and expend the grants of money appropriated under said acts and all acts amendatory or supplementary thereto, together with any money appropriated by the state or received from any source whatsoever for the aid of extension work in the counties of Missouri, and to cooperate with the United States Department of Agriculture, other agencies, and with persons and organizations in the conduct thereof, all in accordance with the terms and conditions expressed in said acts of congress. The treasurer of the University of Missouri is hereby empowered to receive the funds appropriated by said acts of congress and any money appropriated by the state or received from any source whatsoever for said purposes. Any funds accepted by the university for the purpose of aiding the extension work as provided in sections 262.550 to 262.620 subject to conditions and use thereof, shall be received by the university subject to such conditions and the money shall be expended by it for such purposes and in accordance with the terms of the grant or gift.