(1) Within a reasonable time after its receipt, each application shall be examined by the Commissioner of Education as to accuracy with respect to answers contained therein relating to fiscal matters.
(2) A statement of the commissioner's findings, together with the commissioner's recommendations, shall be submitted with the application to the State Board of Education for consideration.
(3) After considering the merits of each application, the state board may, in its discretion, approve the application for the full amount of the proposed loan, approve the application for a loan of a lesser amount than the amount requested, or disapprove the application.
(4) The applicant shall forthwith be notified by the commissioner of the action taken by the state board.
(5) The state board may, by resolution, delegate to the commissioner any of the powers or duties vested in or imposed upon it by this subchapter with respect to the approval of loans made from the Revolving Loan Fund in instances in which such loans are to be evidenced by revolving loan certificates of indebtedness.
(6) Such delegated powers and duties may be exercised by the commissioner in the name of the state board.