(1) As agent for the state, the Arkansas Higher Education Coordinating Board shall contract with the Board of Control for Southern Regional Education in order that the latter may act to secure admission of Arkansas residents as students in institutions of higher education operated by other states who are signatories of the compact.
(2) Contract authority shall include the placing of students for study in the fields for which the Board of Control for Southern Regional Education may maintain programs, including, but not limited to, veterinary medicine and dentistry.
(3) The Arkansas Higher Education Coordinating Board shall contract to pay the Board of Control for Southern Regional Education for Arkansas students accepted under this program.
(4) Provided, in no case will the contract price exceed the amount approved by the Board of Control for Southern Regional Education.