A provisional charter shall be granted for a period not exceeding five years, but may be extended by the Regents, during which period the institution holding such charter shall have an opportunity to meet the requirements for an absolute charter. The institution shall have under such provisional charter all the powers, privileges and obligations that it would have under an absolute charter, except that it shall not have power to confer degrees. In 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 shall submit evidence in writing which, in the judgment of the Regents, makes it appear likely that the institution will be successful in achieving registration of is academic programs.