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 whereof 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 reinvest said money in such securities as are or will be a legal investment for California 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 securities so purchased with said money, to worthy students, not to exceed the amount of Two Hundred Seventy-five Dollars ($275.00) each, per annum, in order to assist the sa id students to complete a course of study at the Bible Institute of Los Angeles, and upon such terms and condi tions as may be prescribed by said religious cor po ration. 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 this.................... ............ .:..day of ·· ················································• 19........ . BIBLE INSTITUTE OF LOS ANGELES, By................. ...... ... ....................... .... .....................·................ . ( Corporate Seal) President.
Secretary.
Eighty•seven
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