The Arkansas Psychology Board shall:
(1) Be empowered to hire assistants as necessary to carry on its activities, within the limits of funds available to the board;
(2) Be empowered to accept grants from foundations or institutions;
(3) From time to time adopt rules that comply with national guidelines and standards as it may deem necessary for the performance of its duties;
(4) Examine and pass upon the qualifications of the applicants for the practice of psychology as provided; and
(5) Adopt the code of ethics of the American Psychological Association to govern appropriate practices or behavior as referred to in this chapter and file the code with the Secretary of State within thirty (30) days before the effective date of the code of ethics.