(a) There is hereby established the Dr. Wilburn A. Smith, Jr. Scholarship Fund for Teacher Education, which scholarship shall be administered by the Virgin Islands Joint Boards of Education for the purpose of providing scholarship grants to persons pursuing studies in either elementary education, secondary education, or career and technical education.
(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 be renewed.
(c) 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.
(d) 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.