LEGAL FORM OF FOUNDING A SCHOLARSHIP
In consideration of the payment to it of the sum of $
, by . , the receipt whe r eof is hereby acknowledged, for the purpose of
maintaining a permanent scholarship endowment fund, the BIBLE INSTITUTE OF LOS ANGELES (a religious corporation) covenants and agrees to invest and reinvest said money in such securities as are or wi ll be a legal investment for California sav ings banks, insurance companies, and for owners of trust funds, as prescribed by the laws of the State of Ca liforn ia; and further covenants and agrees to pay the annual income derived from the secur ities so purchased with said money, to worthy students, not to exceed the amount of Three Hundred Twenty-five Do ll ars ($325 .00) each, per annum, in order to assist the said students to complete a course of study at the Bible Institute of Los Angeles, and upon such terms and cond itions as may be prescribed by said rel igious corporation. I t is further covenanted and agreed that the scho larship endowment herein provided for shall be known as the . (name of donor) Scholarship of the Bible Institute of Los Angeles," and shall be entered upon the books of said religious corporation in that name. IN WITNESS WHEREOF, the Bible Institute of Los Angeles (a religious corpora t ion) has hereunto caused this agreement to be executed by its duly authorized officers, and the corporate seal to be affixed this day of , 19 BIBLE INSTITUTE OF LOS ANGELES,
By
President.
( Corporate Seal )
Secretary.
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