(a) The board may prescribe courses leading to customary degrees offered at leading American universities and may award those degrees, including bachelor's, master's, and doctoral degrees and their equivalents.
(b) The board shall award degrees in the name of the university.
(c) A degree program may not be instituted without the prior approval of the Texas Higher Education Coordinating Board, except that the university may offer any degree program previously approved for Stephen F. Austin State University or expressly authorized by this chapter or other law.