(a) The Board of Trustees of the University of Arkansas shall fix a scale of matriculation and tuition fees, in reasonable sums, and shall prescribe terms and conditions for the payment of fees.
(b) The students attending the College of Medicine of the University of Arkansas shall pay the fees, except that the board may provide honorary free scholarships in furtherance of the best interests of the college.
(c) The fees shall be collected under the direction of the board, which shall prescribe the method of collecting the fees, and when collected they shall be paid over to the financial officer of the University of Arkansas and kept as a fund for the college and shall be paid out by the orders of the board only for the use and benefit of the college.
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