No person shall be awarded a Martin Luther King Physician-Dentist Scholarship unless:
a. The person has been a resident of New Jersey for a period of not less than two years immediately prior to receiving the scholarship;
b. The person has demonstrated financial need for the scholarship in accordance with standards to be established by the board of directors of the New Jersey Educational Opportunity Fund;
c. The person has demonstrated high moral character, good citizenship, and dedication to American ideals; and
d. The person has complied with all rules and regulations adopted pursuant to this act by the board of directors of the New Jersey Educational Opportunity Fund for the award, regulation and administration of the scholarship.