There shall be a trusteeship, to be known as the Felix La Bauve Scholarship Trust, for the Felix La Bauve Scholarship that exists for the benefit of the University of Mississippi. The trusteeship shall be composed of three (3) persons. The initial composition of the trusteeship shall be the two (2) persons who last filled the position of La Bauve trustee on the Board of Trustees of State Institutions of Higher Learning and, as an ex officio voting member, the person holding the office of DeSoto County Superintendent of Education. The term of the trustee who served as La Bauve trustee on the Board of Trustees of State Institutions of Higher Learning from 1980-1984 shall be four (4) years. The term of the trustee who served in that position from 1984-1988 shall be eight (8) years. The term of each of the trustees shall begin on June 1, 1988.
At least one (1) month before the expiration of the term of a trustee, other than the DeSoto County Superintendent of Education, the trusteeship shall choose a successor who shall serve a term of eight (8) years. No trustee other than the DeSoto County Superintendent of Education shall serve more than one (1) term of office. Any person chosen as a trustee other than the Superintendent of Education shall be a resident of DeSoto County and shall hold an undergraduate degree from the University of Mississippi.
In case of the death, disability or resignation of any trustee, other than the DeSoto County Superintendent of Education, the trusteeship shall appoint a person to serve the remainder of the term of his predecessor who shall be a resident of DeSoto County and shall hold an undergraduate degree from the University of Mississippi.
The trusteeship shall be responsible for recommending to the Chancellor of the University of Mississippi prospective students who are eligible recipients of the La Bauve Scholarship. The Chancellor shall choose the best qualified student or students from those nominated, depending on the amount of monies available for scholarship awards.
The Legislature shall continue to appropriate the annual sum to the University of Mississippi that has been paid in lieu of the interest earned on the original corpus of the La Bauve Scholarship Fund until such time as the Legislature restores the original corpus of the fund, adjusted to current value at the time of restoration. Once the Legislature has restored the fund as hereinbefore provided, the annual appropriation shall cease, and scholarships shall be awarded from the income on the corpus of the fund. Thereafter, no expenditure shall be made from the corpus of the fund for any purpose.