Terms of Scholarship
Terms and by-laws of Maud Glover Folsom Foundation Inc.
MAUD GLOVER FOLSOM
By the terms of his last will and testament, Charles Stuart Folsom, provided, after the fall-in of each of seventeen life estates, that the corpus of each life estate should be transferred by his trustees to a corporation to be known as Maud Glover Folsom Foundation.
The said corporation was duly organized as a membership corporation under the laws of the State of New York and a certificate of incorporation issued to it by the Secretary of State on the tenth day of May, 1957.
Pursuant to the terms of the will and of the constitution and by-laws of Maud Glover Folsom Foundation, Inc., the trustees are authorized to: Devote either the whole or any portion of the income of said fund and of such additions to said fund as may accrue, monthly or less frequently in their discretion, either to one person or to several persons for such period of periods of time as the said trustees, in their discretion, may determine, for the purpose of assisting such person or persons in the preparation of his or their life work.
The testator directed that as to sums advanced until the individual attains the age of twenty-five years, no interest shall be charged. Thereafter, and between the ages of twenty-five and thirty-five years, said advances shall be deemed by said corporation and trustees to be a loan to the individual, with interest thereon at the rate of two per centum per annum, simple interest, until repayment thereof to the corporation.
The trustees may not institute any suit or other proceeding against any person so selected to recover any of said moneys so advanced, or interest thereon, it being the testator’s intention that the money’s so advanced shall be a debt of honor, to be repaid by the individual benefited at such time as he is able to make repayment.
There is also a provision in the will that the trustees of the corporation may select such male person or persons between the ages of fourteen and twenty years (ineligible upon reaching age 20) as, in their discretion, they deem qualified and that one such person be selected for every $500 of net income yearly which shall be paid to him for his education, support and maintenance while being so educated until he reaches the age of thirty –five years unless sooner terminated according to the provisions of the will and the certificate of incorporation.
Each such student so selected may select his own school for education or other means of education even including travel, but must accept the benefits upon the following express conditions:
That he be a young man who, in the opinion of the trustees, is most likely to become a man sound in body and mind and who will best be benefited by the opportunity thus afforded him.
The selection to be made shall be limited to men whose ancestry for at least three complete generations, the first of which shall be the applicant’s parents, has been similar to the ancestry of the testator, and the applicant shall be required to furnish to the trustees proof of such ancestry.
No person shall be selected by said trustees who are related to any of them, either by blood or marriage, within the fourth degree of consanguinity.
In the event that any such person so selected by the trustees shall, at any time be found to have consciously falsified any fact concerning his ancestry, such person shall forthwith forfeit any future privileges under the provisions of this trust which her might otherwise have by reason of his selection.
During his minority, the person so selected shall be paid out of the income such a sum as the said trustees may deem necessary for the education, support and maintenance of the individual selected, and any difference between the sum of $5000.00 a year and the sum actually paid out shall be accumulated and then paid over to the person so selected upon his attaining the age of twenty-one years.
It is specifically provided that the moneys be used for the education of the persons so selected in preparatory school, college, professional school and graduate school.
FORFEITURE OF BENEFITS
Each and all of the beneficiaries shall cease to receive financial assistance or help from the corporation upon the attainment of the age of thirty years or upon the happening of any of the following events:
The person so benefited shall have complete freedom of choice as to the vocation or profession ( with th exceptions above mentioned) which he may select for his life's work. The trustees are empowered to advise and confer with any of the idividuals selected and to council them concerning any matters which they deem necessary.
In the event that any individual so selected shall signify his desire not to feceive any further payments to which he may than or thereafter be entitled, then and in that event any rights which such individual might then or thereafter have shall cease and terminate.
All beneficiaries of the foundation, if inthe United States at the time, are required to attend memorial services on July 20th of each year at the grave of Maud Glover Folsom.
The trustees may require each beneficiary to execute a contract agreeing to comply with all the terms and conditions set forth in the testator's will and in the certificate of incorporation and to further agree that, upon the breach of any of such terms, he will forfeit any future benefits; and he must agree that whether or not a breach of conditions has been committed shall be left entirely to the discretion of the trustees.
Selections must be made from men whose ancestry, for at least three complete generations preceding the applicants, has been similar to the ancestry of Mr. Folsom. His ancestry is primarily Northern European and German.