There is established within the Department of Education, for budgetary purposes only, a public corporation to be known as the United States Virgin Islands Maritime Academy. The Academy shall provide instruction in the nautical sciences, marine engineering and related fields, including all those necessary to prepare cadets to become licensed officers of the American Merchant Marine and the United States Virgin Islands maritime industries. Instruction shall be in conjunction with the secondary schools in the territory and shall be based upon the foundation of general studies and will be taught to both in-school and out-of-school youth for the purpose of preparing cadets for the maritime industries and licensing therein. Standards will be set to determine which beginning high school youth will qualify to enter the academy after high school.