The purposes and conditions of this great trust are as follows:

"The said Daniel Hand, desiring to establish a permanent fund, the
income of which shall be used for the purpose of educating needy and
indigent colored people of African descent, residing, or who may
hereafter reside in the recent slave States of the United States of
America, sometimes called the Southern States; meaning those States
wherein slavery was recognized by law in the year A.D. 1861, and in
consideration of the promises and undertakings of the said American
Missionary Association, hereinafter set forth, does hereby give,
transfer and deliver unto the said American Missionary Association the
following bonds and property in trust, viz.: (Here follows a list of
the property transferred, amounting at par value to $1,000,894.25. The
market value is more than that sum.) Said bonds and property to be
received and held by said American Missionary Association, _upon
trust_, and for the following purposes, viz.: To safely manage the said
trust fund, to change investments whenever said Association may deem it
necessary or advisable to reinvest the principal of said trust fund in
such securities, property and investments as said Association may deem
best, and to use the _income thereof only_ for the education of colored
people of African descent residing in the recent slave States of the
United States of America hereinbefore specified.

"Such income to be applied for the education of such colored people as
are needy and indigent and such as by their health, strength and vigor
of body and mind give indications of efficiency and usefulness in after
life.

"Said American Missionary Association and the proper officers thereof,