(a) All institutions incorporated as colleges or universities shall have power to confer the customary degrees and grant the usual diplomas and honors conferred by reputable institutions of like grade.
(b)
(1) No degree or diploma of any kind shall be conferred by any institution of higher education that has not been incorporated in the manner provided by law.
(2) No institution of higher education shall confer degrees upon students for mere correspondence courses or upon any student who has not studied in residence at the institution for one (1) scholastic year.
(3) No purely honorary degree shall be conferred except by institutions of higher education maintaining standard collegiate or university courses with at least six (6) full professors and a body of genuine college or university students in residence.
(c)
(1) Any president, professor, or other officer of any institution of higher education who shall violate the provisions of subsection (b) of this section shall be guilty of a violation and upon conviction shall be fined in any sum not less than fifty dollars ($50.00) nor more than one thousand dollars ($1,000).
(2) It is made the duty of the Arkansas Higher Education Coordinating Board to enforce this section.