(1) In order to promote a coordinated system of higher education in Arkansas and to assure an orderly and effective development of each of the publicly supported institutions of higher education, the Arkansas Higher Education Coordinating Board shall have the power and duty to develop, with the assistance of institutional advisory committees, policies for transfer students from community colleges to senior institutions, for transfer of students among institutions of the same type, and for transfer of students from vocational and technical schools to other institutions.
(2) These policies should be a part of the comprehensive master plan and should receive review from appropriate citizens throughout the state prior to adoption by the board for their recommendation to the boards of trustees of institutions.