No school and no class, type, or group of "eligible institutions," as such term is defined in the federal act, shall have a vested right to be approved by the corporation as a "school" for purposes of the program, except in accordance with rules and regulations prescribed by the corporation.
(Code 1933, § 32-3318, enacted by Ga. L. 1980, p. 835, § 2; Ga. L. 1981, p. 735, § 25.)