(a) There is hereby established the Department of Finance Graduate Study Scholarships to be awarded annually to two employees of the Audit Division of the Department of Finance, one scholarship to a resident of St. Thomas and the other scholarship to a resident of St. Croix and to two employees of the Tax Division of the Department of Finance, one scholarship to a resident of St. Croix and the other scholarship to a resident of St. Thomas.
(b) All scholarships shall be for a two year leave of absence with full pay for graduate study at a recognized college or university plus $3,000 for expenses in connection with the studies pursued. Employees of the Audit Division granted scholarships shall pursue graduate studies in accounting, public administration or a related field. Employees of the Tax Division granted scholarships shall pursue graduate studies in taxation or related field.
(c) All scholarships granted pursuant to this section shall be administered by the Virgin Islands Board of Education. Applicants for scholarships shall apply to the Board of Education pursuant to rules and regulations established by the Board.