(a) The board shall determine the maximum amount of any scholarship awarded under this subchapter. The scholarship may be spent by the recipient on the expenses for tuition, fees, books, supplies, and living expenses incurred by the accounting student in connection with the student’s study in an accounting program. Scholarships shall be made available to eligible students attending:
(1) any institution of higher education; or
(2) any nonprofit independent institution approved by the Texas Higher Education Coordinating Board under § 61.222, Education Code.
(b) The board may award a scholarship under this subchapter only to an eligible student who intends to take the uniform CPA examination conducted by the board for the purpose of granting a certificate of “certified public accountant.” An applicant for a scholarship under this subchapter shall state such an intent by filing a form provided by the board stating an intent to take the examination.

(c) A scholarship under this subchapter shall be paid to the recipient in the form of periodic partial payments throughout the school year. The board by rule shall determine the manner in which these payments are made.