(a) There is hereby established the Morris F. de Castro Fellowship to be awarded annually to two officials or employees in the active service of the Government of the United States Virgin Islands, one a resident of St. Croix and one a resident of St. Thomas or St. John, for a one year leave of absence with full pay for study at the college or university level or for advanced training or for specialized training in areas vital to the Government of the United States Virgin Islands.
(b) The Governor of the Virgin Islands, the President of the Legislature, the Chief Justice of the Supreme Court, the Administrator of St. John and the head of each Executive Department may each nominate one Government employee or official each year for the Morris F. de Castro Fellowship Award. Only those persons who have made outstanding contributions to the Government service during the preceding year shall be eligible for such award.
(c) All nominations for the Morris F. de Castro Fellowship Award shall be submitted to a Board, to be known as the Morris F. de Castro Fellowship Board, composed of the Chairman of the Board of Education or his designee, the Chairman of the Government Employee Service Commission, Administrator of St. John, Director of Personnel, President of the University of the Virgin Islands, and the widow of Morris F. de Castro or her designated representative. The Board shall make its annual selections from among the nominations received.
(d) Recipients of fellowships shall receive, in addition to their regular salary, a grant for one round trip fare, tuition, books and other educational expenses in connection with the studies pursued, all of which, including the regular salary of the employee, shall be paid from funds appropriated for the Morris F. de Castro Fellowship. If the advanced or specialized training sought by the recipient is reasonably available at a college or university located within the Virgin Islands, the recipient shall be required to enroll therein.
(e) The Fellowship Board may prescribe rules and regulations for the proper administration of the provisions of this section.
(f) There is authorized to be appropriated during each fiscal year, a sum not more than $45,000 for all proper and necessary expenses of recipients of fellowships awarded in accordance with this section. All funds appropriated for the Morris F. de Castro Fellowship shall be appropriated to and administered by the Virgin Islands Joint Boards of Education for the purposes of this Section. Upon appropriation, such funds shall remain available until expended.
(g) A recipient of this award shall, upon completion of his studies, be required to work in the Territory of the Virgin Islands for not less than three years. In the event the recipient does not return to the Territory and work therein for three years upon completion of his studies, the grant shall become a loan payable upon demand.