The said trustees shall have power to make by-laws for their own government and for the government of the institution; to elect or appoint the faculty or board of instruction of said college; to prescribe the course of study; to attend the examinations of the classes; to regulate the government and instruction of students and manage the affairs of said corporation in such manner as they think best calculated to promote and carry out the objects contemplated in this act. They shall have power to confer the bachelor’s degree upon such persons as shall have completed satisfactorily to the faculty and said trustees the course of study prescribed. They shall have power to confer the master’s degree on such graduates of Albion college or of other institutions of similar grade as they shall judge worthy, and they shall have power, also, to confer such honorary degrees as are usually conferred by colleges and universities and shall have all other powers and privileges belonging to colleges according to the laws of this state: Provided always, That the course of study for graduation shall be equal to that which is required in the university of Michigan.