5. The Commission on Higher Education, upon the advice of the Advisory Council, with the concurrence of the Commissioner of Health, shall:
a. Plan for the development and implementation of graduate medical education programs in the State;
b. Set standards for qualification for participation by public and private nonprofit hospitals in the State;
c. Establish standards for the use and expenditures of funds appropriated pursuant to this act;
d. Determine the number and type of graduate medical education programs which should be supported in particular hospitals in relation to total State needs.