(1) The Kentucky Board of Education shall develop regulations to establish a program of educational institutes for teachers. The purpose of such institutes shall be the general improvement of instruction within the Commonwealth.
(2) Teacher institutes shall be held during the summer months at various college campuses selected by the Kentucky Board of Education. Each institute shall be of one (1) week duration.
(3) The Kentucky Board of Education shall develop specific criteria relating to the selection of eligible teachers for institute participation, with an emphasis on selecting teachers with a demonstrated record of effective teaching.
(4) Any teacher selected and agreeing to participate in a particular teacher institute session shall be reimbursed for expenses incurred in attendance, and shall be awarded a stipend in an amount to be determined by the Kentucky Board of Education.
(5) The program shall encourage business and industry within the Commonwealth to become institute sponsors for teachers within the respective communities of such business and industry.