1. A school or college of Oriental medicine may be established and maintained in this State only if:
(a) Its establishment is approved by the Board;
(b) It is accredited by or has received at least candidacy status for institutional accreditation from the Accreditation Commission for Acupuncture and Oriental Medicine or its successor organization; and
(c) It holds a current license issued by the Commission on Postsecondary Education.
2. The Board may prescribe the course of study required for the degree of doctor of Oriental medicine.