(a) If a person is adjudged a youthful offender and the underlying charge is a felony, the court shall:
(1) Suspend the imposition or execution of sentence with or without probation;
(2) Place the defendant on probation for a period not to exceed three years;
(3) Impose a fine as provided by law for the offense with or without probation or commitment;
(4) Commit the defendant to the custody of the Board of Corrections for a term of three years or a lesser term.
(b) Where a sentence of fine is not otherwise authorized by law, then, in lieu of or in addition to any of the dispositions authorized in this section, the court may impose a fine of not more than $1,000. In imposing a fine the court may authorize its payment in installments.
(c) In placing a defendant on probation, the court shall direct that he be placed under the supervision of the appropriate probation agency.
(d) If the underlying charge is a misdemeanor, a person adjudged a youthful offender may be given correctional treatment as provided by law for such misdemeanor.