(a) in the judgment of the Regents such institution possesses resources and equipment available for its use and support and sufficient and suitable for its chartered purposes, and maintains an organization of usefulness and character satisfactory to the Regents; and

(b) the case of an institution of higher or professional learning, including, but not limited to colleges, universities, schools of law, medicine, dentistry, pharmacy, veterinary medicine, nursing, optometry, podiatry, chiropractic, architecture or engineering, the institution has submitted evidence in writing which, in the judgment of the Regents, makes it appear likely that the institution will be successful in achieving registration of its academic programs.