Fund

There is hereby established a Student Financial Assistance Fund, hereinafter referred to as the “Fund”, from which awards granted pursuant to this Chapter shall be financed. The Board is authorized to accept for the Funds gifts, devices, bequests, donations, and all other kinds of contributions for the purposes of the Fund. The Fund may be supplemented by annual appropriations to the extent made necessary by awards granted pursuant to this Chapter. The Fund shall be administered by the Board and all moneys appropriated for awards pursuant to this Chapter, and all repayment of such awards made under this Chapter, shall be paid directly to the Fund and dispensed by the Board. Within sixty

(60)days after the closing of each fiscal year, the Board shall transmit to I Liheslatura (the Legislature) an annual report consistent with § 28112 of this Article.