The State Board of Community Colleges may withdraw or withhold State financial and administrative support of any institutions subject to the provisions of this Chapter in the event that:

(1)        The required local financial support of an institution is not provided;

(2)        Sufficient State funds are not available;

(3)        The officials of an institution refuse or are unable to maintain prescribed standards of administration or instruction; or

(4)        Local educational needs for such an institution cease to exist. (1963, c. 448, s. 23; 1979, c. 462, s. 2; c. 896, s. 8; 1979, 2nd Sess., c. 1130, s. 1.)