(a) No college or university shall be established or reestablished under the provisions of this chapter in the district created by this chapter or shall be made the recipient of or receive any benefits under provisions of this chapter or by reason thereof unless the college or university has conferred upon its graduates at the time of their graduation regular written degrees of bachelor of arts and bachelor of science for at least ten (10) years prior to January 1, 1949.
(b) No college or university shall be made the recipient of or receive any benefits under the provisions of or by reason of this chapter unless the college or university shall conduct regular four-year academic and scientific courses of study which are adequate and properly qualified for conferring the degrees of bachelor of arts and bachelor of science and other degrees and unless all the buildings occupied by the college or university in the district are wholly new and not in existence on January 1, 1949, and to be constructed thereafter for such college or university.