A. As an alternative to the scholarship awards authorized in regulation .04, and subject to the provisions of §B of this regulation, during each year in office each Delegate may award scholarships in a total amount equal to 4 times the tuition and mandatory fees for a full-time undergraduate student enrolled at the University of Maryland, College Park for the academic year commencing in that year.
B. A scholarship awarded under §A of this regulation:
(1) May not be for an amount less than $200 or more than one-half of the total amount of scholarships authorized by §A of this regulation;
(2) Shall be used at an eligible institution;
(3) May be used by:
(a) A graduate, undergraduate, or professional student; or
(b) A student at a private career school within the State that is approved by the Maryland Higher Education Commission and that is accredited by a national accrediting association that is approved by the United States Department of Education; and
(4) To the extent that it is not used by the student, shall be recredited to the Delegate’s scholarship account and may be awarded in the next 12 months by that Delegate to another student pursuant to this regulation.