Sec. 4. The faculty of Vincennes University may:
(1) with the consent of the board of trustees, grant to students of Vincennes University the degrees in the liberal arts and sciences that:
(A) the professors of Vincennes University believe, by the students' proficiency in learning, that the students are entitled; and
(B) are usually granted and conferred in other universities in the United States; and
(2) grant diplomas, under the common seal of Vincennes University, to authenticate, and perpetuate the memory of the graduations.