(a) There is hereby established the James Albert Petersen, Jr., Scholarship Fund for Career and Technical Education Studies for deserving Virgin Islands students pursuing studies in career and technical education. The Fund shall be administered by the Board of Career and Technical Education.
(b) From such sums as may be deposited from time to time in the James Albert Petersen, Jr., Scholarship Fund for Career and Technical Education Studies, the Board for Vocational Education may award full or partial scholarships for career and technical education to such students as it determines are deserving of a scholarship award; provided, however, that every recipient of a scholarship shall enter into a contract with the Board which shall require that upon termination of his studies or training, the student shall work at his acquired skills within the Virgin Islands for a period of time equal to the period during which he received the benefits of the scholarship.
(c) There is authorized to be appropriated during each fiscal year such sums as the Legislature may determine for deposit in the James Albert Petersen, Jr., Scholarship Fund for Career and Technical Education Studies. Upon appropriation, the sums shall remain available until expended.