(1) Four scholarships shall be allotted to each class “A” high school, 3 to each class “B” high school, 2 to each class “C” high school, and 1 to each class “D” high school. Scholarships allotted to a high school shall be awarded to those students having the highest competitive examination score and otherwise meeting all eligibility requirements of this act, including that of demonstrating financial need. The awarding of scholarships through this procedure shall be implemented only after sufficient additional funds are appropriated so as to not displace any student eligible for an award through the other awarding procedures established by this act.

  (2) The remaining scholarships shall be awarded on a statewide, competitive basis.