(a) There is appropriated the sum of $100,000 annually to the Delaware College, University of Delaware for the purpose of establishing scholarships at Delaware College, University of Delaware.
(b) The minimum number of scholarships to be awarded in each and every year shall be 60.
(c) The committee to award such scholarships shall be 3 in number, and shall be composed of 1 member of the faculty at Delaware College, 1 member of the Athletic Council at Delaware College and 1 member of the Alumni Association of Delaware College. The said committee shall be appointed by the Board of Trustees of the University of Delaware for such term or terms as the said Board may deem advisable.
(d) The State Treasurer is authorized and directed to pay to the University of Delaware for Delaware College the sum of $100,000 in each and every year upon warrant or warrants signed by the chair and secretary of the committee.