25% of the annual income is to be added to the principal of the fund and the remaining 75% thereof shall, in the sole and absolute discretion of the Education Board, be paid or applied to or for any of the following purposes: 1) To provide scholarship aid to young people seeking education in a college or theological seminary satisfactory to the Board. In making any such grants preference shall be given to children of ordained ministers of the gospel and to children of missionaries, but grants shall not be limited to such persons nor shall the discretion of the Board in making such grants be restricted in any way; or 2) To endow professorships at any college selected by said Board. To this end the Board may make annual grants to cover part or all of the salary of a professor or may pay over sums from time to time in order to create a fund the income from which may be used by the college to pay part or all of the salary of a professor; or 3) Such other purposes falling within the area of responsibility presently assigned to the Division of Higher Education as the Board may from time to time determine.

To the support and maintenance of two young men or students studying for the gospel ministry in the Presbyterian Church as follows, namely, said two you men or students are to be selected by a committee of said Board [of Education] appointed for the purpose from the junior class of any college whose teachings are in harmony with the standards of the Presbyterian Church in the United States of America; in making such selections regard is to be had to the following qualifications, namely high Christian character, Scholarship, peculiar fitness for the ministry and promise of usefulness. When such students shall be selected and received under the care of the Board, I direct that to each shall be paid one-half of the income arising from said fund of ten thousand dollars in equal quarterly payments until each shall graduate at a Theological Seminary approved by the Presbyterian Church of the United States of America. As each student so selected and taken under the care of said Board shall graduate as above set forth then said Board shall select another students in the same manner who is to be paid in the same way and similarly cared for until he has graduated and so on in perpetuity. The Board shall have power at any time to discontinue payments to students after they have been selected if the Board shall deem them unworthy or not requiring such support and the exercise of this power of appropriating said income and withholding the same shall be in the absolute discretion of the said Board of Education. If circumstances require such action, on the discharge of such a student another is to be taken up at once as hereinbefore provided.