Mercedes Therese Azua Cole, 39, a microbiologist, died on February 27, 1986 at her home in Abington.   She was manager of the clinical laboratories at Rolling Hill Hospital in Elkins Park, where she had worked since 1969.   She earned a masters degree in microbiology from Thomas Jefferson University in 1978. Active in the American Society of Medical Technologists, she was president-elect of its Pennsylvania Society.  The ASCLS-PA Memorial Undergraduate Scholarship fund was created in memory of past presidents Sandy Keener and Mercedes Cole to honor thier unique spirits, determination and dedication to the profession of clinical laboratory science and the ASCLS-PA.  Both Ms. Keener and Ms. Cole were interestedd in the eduction of laboratory scientists and students.  ASCLS-PA has chosen to award a scholarship to a student currently attending or officially acceted into clinical training in the laboratory field.  The scholarship recipient will exhibit the qualities of academic achievement, professionalism, and moral character that defined the careers and lives of Sandy and Mercedes.