(1) As provided in this chapter or upon approval of the Career Education and Workforce Development Board, the board of trustees of the receiving institution, the Arkansas Higher Education Coordinating Board, and an accrediting agency recognized by the United States Department of Education, the Arkansas Higher Education Coordinating Board may consolidate a state-supported vocational-technical institution with a four-year institution or a two-year branch campus of a four-year institution.
(2) Following approval by an accrediting agency recognized by the United States Department of Education, the Arkansas Higher Education Coordinating Board, upon approval of the board of trustees of the receiving institution, shall consolidate the following state-supported vocational-technical institutions and four-year institutions or two-year branch campuses of a four-year institution: White River Vocational-Technical School with Arkansas State University-Beebe.
(3) The board of trustees of the four-year institution which receives a state-supported institution shall be responsible for the administration and operation of the state-supported institution.
(4) All records, personnel, property, unexpended balances of appropriations, allocations, or other funds of the state-supported institution shall be transferred to the board of trustees.