§ 218. Conditions of incorporation. 1. No institution shall be given
power to confer baccalaureate or higher degrees in this state unless it
shall have financial resources which, in the judgment of the regents,
are adequate to insure satisfactory conduct of its degree program and
achievement of its stated educational goals; and no institution for
higher education shall be incorporated without suitable provision,
approved by the regents, for educational resources and programs. No
institution shall institute or have any faculty or department of
education in any place or be given power to confer any degree not
specifically authorized by its charter; and no corporation shall, under
authority of any general act, extend its business to include
establishing or carrying on any educational institution or work, without
the consent of the board of regents.

2. No institution shall be given power to confer associate degrees in
this state unless it shall possess financial resources which, in the
judgment of the regents, are adequate to insure satisfactory conduct of
its degree programs and achievement of its stated educational goals.