SECTION 1. Paragraph (c) of section six of Act Numbered One thousand eight hundred and seventy, as amended, is further amended to read as follows:
"SEC. 6. The Board of Regents shall have the following powers and duties, in addition to its general powers of administration and the exercise of the powers of the corporations:
"(c) To confer the usual honorary degrees upon persons in recognition of learning, statesmanship, or eminence in literature, science, of art: Provided, That such degrees shall not be conferred in consideration of the payment of money or other valuable consideration;"