Section 218 - Conditions of incorporation1. No institution shall be given power to confer baccalaureate or higher degrees in this state unless it shall have financial resources which, in the judgment of the regents, are adequate to insure satisfactory conduct of its degree program and achievement of its stated educational goals; and no institution for higher education shall be incorporated without suitable provision, approved by the regents, for educational resources and programs. No institution shall institute or have any faculty or department of education in any place or be given power to confer any degree not specifically authorized by its charter; and no corporation shall, under authority of any general act, extend its business to include establishing or carrying on any educational institution or work, without the consent of the board of regents.2. No institution shall be given power to confer associate degrees in this state unless it shall possess financial resources which, in the judgment of the regents, are adequate to insure satisfactory conduct of its degree programs and achievement of its stated educational goals.