BIBLE INSTITUTE
LOS ANGELES
OF
Legal Form of Founding a Scholarship
In considerat ion of the payment to it of the sum of $.......... ............ .. ...... , by ...... ... .... ........ .. .. ... ..... ...................... , the receipt whereof is hereby acknowledged, for the purpose of maintaining a permanent scholarship endowment fund, the BIBLE INSTITUTE OF LOS ANGELES (a r elig ious cor poration) covenants and agrees to· invest and reinvest said money iri such securiti es as are or will be a legal investment for Ca li for nia sav ings banks, insurance compani es , and for owners of trust funds, as prescribed by the laws of the State of Cali fo rnia; and further covenant s 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 Dollars ($325.00) each, per annum, in order to assist the said students to compl ete a course of study at the Bible In stitute of Los Angeles, and upon such terms and condit ions as may be prescr ;bed by said religious corporation. It is further covenanted and agreed that the scholarship endowment herein provided fo r shall be known as the " ........ ... . ... .. .. .... ( name of donor ) Scholarship of the Bible Institute of Los Ange les" , and shall be entered upon t he books of said religious corporat ion in that name. IN VlITNESS ·wI-IEREOF, th e said Bible Institute of Los A ngeles ( a rel;gious corporation ) has hereunto caused this agreement to be executed by its dul y authorized officers, and the corporate seal to be affixed this .... .. ...... .... ..... ... .... ........ .clay of
...... ................. , 19.... .. .. . BIBLE INSTITUTE OF LOS ANG~LES,
By.. ······· ··· ··· ·.·· ·· ······ ···· ···· ···· ·········· ······ ···· ············ ··· ············
( Corporate Sea l )
President .
S ecretary.
Eighty-nine
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