(1) Upon the completion of a junior high school course of study, pupils shall be given certificates of promotion to the next grade of the school system.
(2) On completion of a course of study in a senior high school, as provided in this part, pupils shall be given diplomas of high school graduation.
(3) If a high school pupil of senior class status is within two (2) or fewer credits of completion of a course of study that qualifies the pupil for high school graduation at the time of the high school graduation ceremony, the high school may compile a list of those pupils who may be recognized at the graduation ceremony in accordance with policy established by the local school board.
(4) If there are foreign exchange students in a high school, the local school board shall provide for the recognition of those students during the high school graduation ceremony.