(a) The Board of Medical Scholarship Awards Fund is created in the State Treasury. All monies received by the board pursuant to Section 16-47-125 or Section 16-47-127 and from fees, gifts, donations, grants, and bequests shall be deposited in the fund and are continuously appropriated for granting scholarships or making loans to medical students.
(b) The board shall establish the fiscal requirements for its annual administration expenses, which may be paid from funds from any source which are available to the board.