The Washington international exchange scholarship program is created. The program shall be administered by the office. In administering the program, the office may:
(1) Convene an advisory committee that may include but need not be limited to representatives of the office of the superintendent of public instruction, the department of commerce, the secretary of state, private business, and institutions of higher education;
(2) Select students to receive the scholarship with the assistance of a screening committee composed of leaders in business, international trade, and education;
(3) Adopt necessary rules and guidelines including rules for disbursing scholarship funds to participants;
(4) Publicize the program;
(5) Solicit and accept grants and donations from public and private sources for the program;
(6) Establish and notify participants of service obligations; and
(7) Establish a formula for selecting the countries from which participants may be selected in consultation with the department of commerce.