520

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 to pursue professional, graduate or other studies or research or engage in cultural projects which will substantially continue to the benefit of the people of the Virgin Islands.