Financial assistance under this subpart shall be available only to a Community College which:
(a) Is governed by a board of directors, regents, or trustees, a majority of whom are Indians;
(b) Demonstrates its adherence to stated goals, a philosophy, or a plan of operation which is directed to meet the needs of Indians, and has formally adopted, in writing, such goals, philosophy, or plan of operation, which may be in the form of a constitution, by-laws, or policy statement of the Community College;
(c) If in operation for more than one year, has students a majority of whom are Indian; and
(d) Upon completion of a feasibility study, receives a positive determination, and;
(e) Is not in violation of Sec. 41.11 of this subpart.