(a) There is created and established in the Treasury of the Virgin Islands, a special revolving fund to be designated the “Summer Employment and Scholarship Fund”. The Commissioner of Finance shall provide for the administration of the Fund as a separate and distinct fund in the Treasury of the Virgin Islands and all money therein shall be used exclusively to provide summer jobs and youth activities and to provide scholarships to attend the University of the Virgin Islands.
(b) There shall be a Board of Directors which shall be composed of nine (9) members as follows: the Commissioner of Sports, Parks and Recreation, the Commissioner of Labor, the Director of the Division of Personnel, the Presidents of the Chamber of Commerce from both districts, two (2) students selected by the Commissioner of Education (one from each district) and two (2) people in the field of banking and finance selected by the Senate President (one from each district). The board shall administer the fund, and set policy and guidelines with respect to eligibility for summer employment and the awarding of scholarships, and to promulgate the requirements of this act.
(c) The board is authorized to hire a full-time executive director to administer the programs, policy and guidelines promulgated by the board.
(d) The Fund shall consist of all sums appropriated thereto from time to time by the Legislature, a bi-weekly appropriation from the General Fund and bi-weekly voluntary contributions of $1.00 from all employees in the Virgin Islands. The Executive Director shall set up a system of payment and collection of the bi-weekly contributions from all employees in the Virgin Islands.
(e) Monies in the Fund shall be disbursed by the Commissioner of Finance upon the authorization of the Board. The amount of money disbursed to each district shall represent one-half (½) of the contributions given by all employees, plus an amount from the General Fund which is equivalent to the total amount of $1.00 per pay period for each employee in the Virgin Islands, together with any other sums appropriated by the Legislature. The appropriations from the General Fund and the Legislature shall be divided equally by district. Money from the General Fund shall be deposited into the Virgin Islands Summer Employment and Scholarship Fund on a bi-weekly basis by the Commissioner of Finance.
(f) Money in the Fund shall be used to provide summer jobs, internships and other activities for Virgin Islanders who attend junior and senior high schools or attend colleges or universities, and to provide scholarships to Virgin Islanders to attend the University of the Virgin Islands.
(g) The Commissioner of Finance shall maintain a record of all monies deposited into and disbursed from the “Summer Employment and Scholarship Fund” and shall report annually to the Governor and the Legislature on the status of the fund.