No appropriation of public funds made after the first day of May, one thousand nine hundred fifty-two, of any character, shall be paid by the Commonwealth to any State-Aided institution of learning not a part of the public school system unless there shall be filed annually, on or before the first day of September, with the Governor (with copies furnished to the President of the Senate and to the Speaker of the House of Representatives), on behalf of the institution, a written report setting forth what procedures the institution has adopted to determine whether it has reason to believe that any subversive persons are in its employ and what steps, if any, have been or are being taken to terminate such employment. The report also shall unequivocally set forth that the institution has no reason to believe any subversive persons are in its employ. If the report shall be approved by the Governor, he shall notify the Auditor General and the State Treasurer that the provisions of this section have been complied with.