84 LAWS OF MARYLAND. [CH. 56

to be paid by said County Commissioners, for the property so
conveyed, being the sum of $35, 000, payable at the rate of
$1000. 00 per annum with interest on the unpaid principal at the
annual rate of four per cent, the amount of such unpaid
principal being $33, 000. 00, and said Trustees have in addition
to that asset other securities approximating $8, 544. 00 in mar-
ket value and $3, 874. 79 in bank deposits, all of said figures
being reported as of January 17, 1939, and

WHEREAS, the income received by said Trustees from the
funds and securities under their control has been applied by
them in procuring full tuition scholarships to be used in aid
of the higher education of female students, as provided by
said Act of 1931, all of said scholarships having been pro-
cured from Hood College at one-half of its regular tuition
charges, but a decrease in the income accruing to said Trus-
tees, and an increase in the tuition at said College, having
made it impracticable for said Trustees to maintain the num-
ber of scholarships which they have heretofore been able to
provide, and

WHEREAS, it has been proposed by Hood College that the
funds and securities held by said Trustees be transferred to
the College as an endowment, to be separately held, invested
and designated as an endowment for Frederick Female Sem-
inary Scholarships in the College, and that, in consideration
of the transfer creating said endowment, the College will pro-
vide a larger number of such scholarships than would be pro-
curable by said Trustees with the income now available from
said funds and securities, and said Trustees, if so authorized
by the General Assembly, are willing to establish the sug-
gested scholarship endowment upon the terms and conditions
hereinafter prescribed by this Act, and said College is willing
to accept said endowment upon such terms and conditions,
and, in the judgment of the General Assembly, the proposed
use of the assets now being administered by said Trustees
would effectively promote the interests and purposes hereto-
fore served by such administration, and intended to be pro-
moted by said Act of 1931; therefore

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Trustees of the Frederick Female Seminary be
and they are hereby authorized to transfer to Hood College,
by proper methods of payment and assignment, all of the
funds and securities held by them as such Trustees, upon the
following terms and conditions: The said funds and securities
when received by said College shall constitute an endowment
to be separately held, administered and designated as the