Section 498. Powers and duties

1.  Each board shall, within sixty days
  after the receipt of its charter, formulate a plan to provide for  joint
  or  cooperative  programs,  services and arrangements and shall include,
  but not be limited to, faculty or administrative staff, use of  library,
  television,  research  and  laboratory  facilities  and  the granting of
  credit for courses of study leading to a degree.
    2. Such plan shall provide for the sharing  of  expenses  incurred  by
  each  participating  member institution on such basis or division as may
  be jointly agreed upon.