The commission shall make a Hoosier scholar award each year to the top ranking students, as certified by the school corporation, of each high school graduating class in Indiana who will be attending an eligible institution. The number of awards given shall be determined by the size of the graduating class as follows:

1. (1) 1-50 graduating students, one (1) award;
2. (2) 51-300 graduating students, two (2) awards; and

3. (3) Over 300 graduating students, three (3) awards.

   [Pre-2007 Higher Education Recodification Citation: 20-12-21-20 part.]

As added by P.L.2-2007, SEC.253.