North Carolina Schools Prize Fund

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Income to be used for College students who pass an examination on the English Bible, with the prizes to be fifty percent (50%) of income, thirty percent (30%) of income, and twenty percent (20%) of income. Further, Petitioner [Board of National Missions of the Presbyterian Church (U.S.A.)] may utilize a gradual spend-down of accumulated income so that the winners the first year do not share a percentage of a huge amount compared to winners the following year.