1. (a) If a person is adjudged a youthful offender and the underlying charge is a felony, the court shall:

   1. (1) Suspend the imposition or execution of sentence with or without probation;
   2. (2) Place the defendant on probation for a period not to exceed three years;
   3. (3) Impose a fine as provided by law for the offense with or without probation or commitment;
   4. (4) Commit the defendant to the custody of the Board of Corrections for a term of three years or a lesser term.
2. (b) Where a sentence of fine is not otherwise authorized by law, then, in lieu of or in addition to any of the dispositions authorized in this section, the court may impose a fine of not more than $1,000. In imposing a fine the court may authorize its payment in installments.
3. (c) In placing a defendant on probation, the court shall direct that he be placed under the supervision of the appropriate probation agency.
4. (d) If the underlying charge is a misdemeanor, a person adjudged a youthful offender may be given correctional treatment as provided by law for such misdemeanor.

(Acts 1971, 3rd Ex. Sess., No. 335, p. 4622, §4.)