(a) There is hereby established the Ruth E. Thomas 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 graduate studies in elementary or secondary education.
(b) There is hereby established the Ruth E. Thomas 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 graduate studies in elementary or secondary education.
(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) Scholarship grants shall be granted pursuant to this section to applicants who are bona fide residents of the Virgin Islands and who have taught within the public, private or parochial school system for a minimum of five years.
(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, or any licensed private or parochial school for as many years or portion thereof as the person shall have pursued education and training under such scholarship.