(a) There is hereby established the Evadney Petersen Health Scholarship, which scholarship shall be administered by the Virgin Islands Board of Education for the purpose of providing scholarship grants to students pursuing studies in health and health-related fields.
(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) One scholarship grant under this section shall be awarded per year in an amount of $2,500 per academic semester or portion thereof which grant may be renewed for a maximum of seven 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 United States Virgin Islands for as many years or portion thereof as the person shall have pursued education and training under such scholarship.