(a) There is hereby established the Terence A. Todman Scholarship Fund for International Affairs, which scholarship shall be awarded annually to two Virgin Islanders who plan to pursue a Bachelor's Degree in International Relations or a graduate degree in international relations.
(b) The Terence A. Todman Scholarship Fund for International Affairs shall be administered by the Virgin Islands Board of Education. The Board shall adopt rules and regulations governing the granting of the scholarship, the purpose of which shall be the establishment of minimum performance standards upon which the scholarship grant shall initially be awarded and thereafter be renewed.
(c) Each scholarship awarded shall be in the amount of $5,000 per year for a maximum of two years, with said sum to be applied to the payment of tuition, academic fees, book purchases, and living expenses.
(d) Scholarships shall be granted pursuant to this section to applicants who are bona fide residents of the Virgin Islands at the time of the application, notwithstanding that they may 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.