2. a. There is established in the Higher Education Student Assistance Authority a nonlapsing fund which shall be known as the Military Dependents Scholarship Fund. The fund shall be administered by the board of trustees established pursuant to section 3 of this act.
b. The fund shall consist of: all moneys appropriated by the Legislature for inclusion in the fund; investment earnings of the fund; and moneys contributed to the fund by private sources, to be used for the purposes of this act.
c. The moneys in the fund shall be invested and reinvested by the Director of the Division of Investment in the Department of the Treasury.