(a) The board of regents and each state university board shall promulgate a tenure policy or policies for faculty at their respective institutions, which policy or policies shall ensure academic freedom and provide sufficient professional security to attract the best qualified faculty available for the institutions.

(b) Pursuant to this part, the board shall:

(1) Define the nature of tenure at institutions and the rights and responsibilities of faculty with tenure;

(2) Determine the minimum qualifications and requirements for eligibility of faculty for tenure and the conditions precedent to the award of tenure by the board;

(3) Provide for the termination of faculty with tenure by institutions for adequate cause, for retirement or disability and for financial reasons or curricular reasons in an institution in the discretion of the board or its designee; and

(4) Provide for all other matters relating to tenure deemed necessary by the board.

(c)

(1) Tenure shall only be acquired by a faculty member in an institution upon positive approval by the board, and no other type of tenure or right similar to tenure shall be acquired by a faculty member.

(2) Faculty with tenure shall be subject to all reasonable changes in the tenure policy adopted by the board; provided, that faculty who have previously been awarded tenure shall retain their tenured status under any new policy. Present faculty in probationary employment shall be given credit for service in an institution toward completion of any new probationary period.