(a) There is hereby established the Richard Nicholas Callwood Scholarship in Police Science and Administration, which scholarship shall be administered by the Virgin Islands Board of Education for the purpose of providing scholarship grants to students pursuing studies in police science and/or police administration.
(b) The Board shall adopt rules and regulations governing applications, granting of the scholarships, and for annual renewals of said scholarship grants, the purpose of which shall be the establishment of minimum performance standards upon which the scholarship grant shall initially be awarded and thereafter renewed.
(c) Four scholarship grants under this section shall be awarded per year in an amount of $625 per academic semester or portion thereof which grants may be renewed for a maximum of three additional semesters or portions thereof.
(d) Scholarship grants shall be granted pursuant to this section to applicants who are bona fide residents of the Virgin Islands at the time of application notwithstanding that they might have been living outside of the Virgin Islands temporarily while pursuing a course of study or while serving in the armed forces of the United States.
(e) Any person granted a scholarship under the provisions of this section shall be required as a prior condition to such grant to execute a proper contract to the effect that he will accept employment by the Government of the Virgin Islands for as many years or portion thereof as the person shall have pursued education and training under such scholarship.