(1) The Mississippi Transportation Commission may allow for the erection of signs for member institutions of the Mississippi Association of Independent Colleges and Universities that display the name and emblem of such institutions that are similar to signs erected for public state institutions of higher learning. The institutions for which the signs are erected shall be required to purchase and pay the cost of erecting and maintaining such signs which shall conform to the requirements of similar signs that are erected for public state institutions of higher learning.
(2) The Mississippi Transportation Commission shall promulgate rules and regulations to carry out the provisions of this section.