Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Chapter 540 of the acts of 1991 is hereby amended by striking out, in line 4, the words "five thousand dollars" and inserting in place thereof the following figure:- $15,000.

SECTION 2. The Melrose Police Relief Corporation, a corporation duly established under the laws of the commonwealth, may adopt a by-law requiring an applicant for membership in the corporation to pay the entry fee within one year of the applicant's graduation from the recruit police academy. After the period of one year, an applicant who has not joined the corporation, shall not be eligible to join the corporation.

SECTION 3. The Melrose Police Relief Corporation may establish a fund to be known as the Chief Robert T. Lloyd Memorial Scholarship Fund. The Fund shall be used to award scholarships to sons, daughters, grandsons and granddaughters of active members of the corporation who pursue a degree at an accredited institution of higher learning. The awards shall be by a vote of the members of the corporation. The Fund shall be kept separate and apart from all other monies of the corporation.