ANGELES
LOS
B IBLE INSTITUTE OF
Legal Form of Founding a Scholarship
In considerati on of the payment to it of the sum of $.................... .. ......, by........................ .. .................................... , the receipt whereof is hereby acknowledged , fo r the purpose of 111aintaini ng a re r111an ent scholarship enclow111ent fund, the BIBLE INSTITUTE OF LOS ANGELES (a relig ious cor poration) covenants and agrees to inves t and reinvest said 111oney in such securiti es as are or wi ll be a legal investment for Ca li for nia savings banks, insurance companies, and for owners of tru st fund s, as prescribed by the laws of the State of Cali fo rnia; and furth er covenant s and agrees t o pay the annual income deri ved from the securities so purchased with said monev, to worthy stud ents, not to exceed the amount of Three H undred Twenty- fi ve Doll a rs ($325 .00 ) each, per annum, in order to ass ist the said student s to compl ete a cour se of study at the Bible Institute of Los Angeles, and upon such terms and conditions as may be prescd)ed by said relig ious corpo rati on. It is fmther covenanted and agreed that the scholarshi p endowment herei n provided fo r shall be known as the " .......... . .................. ...... ..... .... ( name of donor ) Scholarship of the Bibl e In stitute of Los Angeles" . and shall be entered upon the books of sa id religiou s co rporati on in that name. IN "\iVITNESS WHEREOF, the said Bible Inst itute of Los Angeles ( a relio- ious corporation ) has hereunto caused this agreement to be executed by its duly aut hori zed officers, and the corporate seal to be affixed this ...... .. ............................. clay of
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BIBLE I NSTITUTE OF LOS ANGELES,
By...... ······· ··· ···· • ............... ............. ··· ·· ·· ······· ·· ········ ··· ···········
Pres£dent.
( Corpornte Seal)
Secretary.
Ninety•seven
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