(1) The Cabinet may, on such terms and conditions as may be prescribed by regulations made under this Act, award grants or bursaries to—
(a) selected students of secondary schools; and
(b) students and teachers admitted to tertiary educational institutions,
as it thinks appropriate.
(2) Any scholarship awarded prior to the commencement of this Act shall be deemed to have been awarded under this Act and shall henceforth be subject to the provisions thereof.