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.