(a) There is hereby established the Virgin Islands Psychiatry Program Scholarship Fund which shall be administered by the Virgin Islands Board of Education (the Board), for Virgin Islands residents pursuing a career in psychiatry.
(b) The Board shall establish rules and regulations governing the form of applications, the granting of scholarships, eligibility requirements, an annual renewal policy, and minimum performance standards upon which the scholarship grant shall initially be awarded and thereafter renewed. Within ninety 90 days after the enactment of this section, the Board shall adopt forms to be used by applicants for the Virgin Islands Psychiatry Medical Doctoral Program Scholarship, establish an annual award date, and adopt such rules and regulations which are not inconsistent with this section for carrying out the provisions of this section.
(c) Scholarships may be granted to applicants who are residents of the Virgin Islands, but who temporarily live outside of the Virgin Islands and who manifest an intent to return to the Virgin Islands. Each applicant must have attended school in the Virgin Islands for at least six years, must be a graduate from a Virgin Islands high school, must have been accepted or currently enrolled in a Doctor of Medicine or Doctor of Osteopathic Medicine program, must have pledged to complete a residency in psychiatry or a fellowship in psychiatry, and must maintain at least a 3.0 GPA while in the medical program.
(d) Scholarships granted under this section shall be granted to two individuals per year, with one recipient from the district of St. Croix and one recipient from the district of St. Thomas-St. John. Scholarships shall be awarded in an amount up to, but not exceeding, $40,000, each academic year, per recipient, for a maximum of four years. The scholarship amount must be applied to the payment of tuition, lodging, books, supplies and academic fees to an accredited medical school.
(e) A student receiving a scholarship under this section shall sign a contract committing to return to the Virgin Islands upon completion of a residency in psychiatry or a fellowship in psychiatry, to work for two years at the Department of Health for each scholarship award year. Scholarship recipients must agree that failure to comply with any of the provisions of this section shall result in the scholarship becoming a loan payable to the Government of the Virgin Islands in the amount of the scholarship awarded, plus ten percent of the total amount of the scholarship.
(f) Funds for the Psychiatric Medical Doctoral Program Scholarship shall be made available from an annual appropriation from the Education Initiative Fund. Any money collected as a result of non-compliance with subsection (e) shall be deposited in the Education Initiative Fund.