(1) This subchapter is applicable to students who: Applied for a scholarship under the Arkansas Academic Challenge Scholarship Program, § 6-82-1001 et seq. [repealed], and maintain eligibility under this subchapter; or
(2) Apply for a scholarship under this subchapter for the academic year 2009-2010, receive the scholarship, and maintain eligibility thereafter.
(3) Except to the extent of the award amount under § 6-85-107(b)(2), a recipient of a scholarship under this subchapter shall not receive an additional scholarship under the Arkansas Academic Challenge Scholarship Program — Part 2, § 6-85-201 et seq.
(4) This subchapter will expire on June 30, 2015.