The State Board of Community Colleges may withdraw or withhold State financial and administrative support of any institutions subject to the provisions of this Chapter in the event of any of the following:
(1) The required local financial support of an institution is not provided.
(2) Sufficient State funds are not available.
(3) The officials of an institution refuse or are unable to maintain prescribed standards of administration or instruction.
(4) Local educational needs for such an institution cease to exist.