ARTICLE XII / Endowments
§12.1 Establishment. For the purpose of establishing a fund for continuing and perpetuating the purposes and activities of the Association, the members of Member Boards, or others, may give or devise sums of money, securities or real estate, to be held in trust for the Association.
§12.2 Administration. The President shall appoint, subject to the approval of the Board of Directors, three persons to be known as the Trustees of the Endowment Fund, to administer such trust in behalf of the Association, such trustees to be appointed when the first gift of endowment is made.