Biola_Catalog_19230701NA

BIBLE INSTITUTE OF LOS ANGELES

Legal Form of Founding a Scholarship

In consideration of the payment to it of the sum of $................................ , by................................... ........................., the receipt whe reof is hereby acknowledged, for the purpose of maintaining a permanent scholarship endowment fund, the BIBLE INSTITUTE OF LOS ANGELES (a religious cor­ poration) covenants and agrees to invest and re invest said money in such securiti es as are or will be a legal investment for Californi a savings banks, insurance companies, and for owners of trust funds, as prescribed by the laws of the State of Cali­ fornia; and further covenants and agrees to pay the annual in­ come derived from the securi ti es so purchased with said money, to worthy students, not to exceed the amount of Three Hundred Twenly-fn·e Dollars( $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 conditions as may be prescribed by said religious cor­ poration. It is further covenanted and agreed that the scholarship 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 said Bible Institute of Los Angeles ( a religious corporation) has hereunto caused this agreement to be executed by its duly authorized officers, and the corporate seal to be affixed thi s............. ........... ............ day of ........... ..... ....... .... ........... ..... ......., 19......... BIBLE INSTITUTE OF LOS ANGELES, By....................... .. ..... ................................................... ....... .... ( Corporate Seal) President.

Secretary.

Ninety.five

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