(a) The board shall establish and administer, in accordance with this subchapter and board rules, the Texas Armed Services Scholarship Program under which the board provides an annual conditional scholarship to a student who meets the eligibility criteria prescribed by § 61.9772 and is appointed to receive a scholarship.
(b) The amount of a scholarship under this subchapter in an academic year is the lesser of:
(1) $15,000; or
(2) the amount available for each scholarship from appropriations that may be used for scholarships under this subchapter for that academic year.