The board shall have the power and it shall be its duty to promulgate appropriate rules and regulations necessary to implement and enforce the following standards for licensing children’s agencies to:
(1) Assure the organizational stability of children’s agencies, which may require incorporation under the laws of this state;
(2) Require from the policy-making authority of the agency a statement setting forth the agency’s purposes and objectives and describing the character and extent of the services which it offers and maintains, and the geographical area to be served;
(3) Require a statement of financial solvency sufficient to maintain facilities and personnel necessary to achieve its purposes and objectives and to maintain its services.