(a) The Governor may organize a naval militia as a special force for coast protection and such other military and naval service as the Governor may direct, the members of which shall be members of the reserve of the United States Navy or the United States Coast Guard or retired members of the regular United States Navy or United States Coast Guard; and, when in his judgment the efficiency of the naval militia will be thereby increased, he may create organizations and alter, divide, consolidate, annex, disband or reorganize any or all of the organizations therein. The Governor may, by executive order, make applicable to the naval militia any provisions of the militia law of the state which are necessary and proper for the regulation of the naval militia and which are not in conflict with the regulations of the United States Navy.

(b) The twenty-four gun frigate H.M.S. Rose shall be commissioned as a vessel of the naval militia. The H.M.S. Rose Foundation, Inc., shall be responsible for the cost of maintaining the H.M.S. Rose and no state funds shall be appropriated or expended for such purpose.