The Division of Career and Technical Education shall administer this subchapter and shall have the following authority and responsibility with respect thereto:
(1) To prepare application forms or such other forms as the division shall deem necessary to properly administer and carry out the purposes of this subchapter;
(2) To establish and consult as necessary with an advisory committee representing the public and private sectors of postsecondary education and secondary schools in determining guidelines and rules for the administration of the Arkansas High Technology Scholarship Program;
(3) To select recipients of scholarships awarded pursuant to the provisions of this subchapter;
(4) To establish the procedures for payment of scholarships to recipients; and
(5) To set a termination date for acceptance of applications.