There is hereby established the Virgin Islands Academic and Cultural Awards Endowment, hereinafter called the “Endowment,” which shall be used to provide loans, grants and awards to residents of the Virgin Islands who have made significant contributions to the government and people of the Virgin Islands, or who may require financial support to enable them […]
The Endowment shall be administered by the University of the Virgin Islands as may be directed by the Governing Board established by section 522 of this chapter. The Board shall promulgate rules and regulations, and may, in its discretion, appoint a staff assistant as needed, to assist in the implementation of this act.
There is hereby created a Governing Board for the Endowment which shall consist of the Chairman of the Board of Trustees of the University of the Virgin Islands, who shall serve as Chairman, the Governor, the President of the Legislature, the Chief Justice of the Supreme Court, and the Commissioner of Education. Three members shall […]
There is hereby authorized to be appropriated in each fiscal year, as a part of the budget of the University of the Virgin Islands for administrative purposes only, such sum as the Legislature may deem appropriate for a contribution to the Endowment to be used for the purposes of this chapter. Donations and contributions may […]
The Governing Board shall promulgate rules and regulations consistent with this chapter establishing, but not limited to, eligibility requirements, application procedures, and administrative reporting. The Board may, by rules and regulations, require that grant and award recipients contribute their skills in some capacity to the benefit of the people of the Virgin Islands. Until otherwise […]
Loans from the Academic and Cultural Awards Endowment shall be evidenced by a promissory note bearing interest on the unpaid balance at six percent per annum.
