Each public institution of higher education may participate in the Eminent Scholar Program. The governing body of each institution that participates in the Program shall adopt standards and procedures for attracting and keeping eminent scholars in this State that include the following concepts: The appointee shall hold the rank of associate or full professor, or its equivalent, such as artist in residence; The appointee shall have achieved national eminence in his discipline as judged by his peers; and The “eminence” of the appointee: Shall be judged, generally, on evidence of effective teaching and productive research as attested to by his peers; and If appropriate, may be judged on the basis of artistic achievement or distinguished accomplishments in areas that lie beyond academic endeavor but for which there is concrete evidence of superior talent.