Educational Loan Funds
The Grand Encampment of Knights Templar, E. S. A., at its triennial session in New Orleans, Louisiana, April, 1992, in compliance with and pursuant to a recommendation of Grand Master Joseph Style Orr, of Atlanta, Georgia, established a revolving educational loan fund, which was to be available to assist worthy and needy students to secure a loan to aid them in completing the last two years of their course in the normal schools, colleges and universities of their state. The Grand Master-elect, Leonidas P. Newby, was authorized to appoint a Committee, with full power to carry the plan into effect, and did 80. The Grand Encampment also established an educational endowment fund, the income of which only can be used, by levying an assessment of one dollar per annum on each Knight Templar under the jurisdiction of the Grand Encampment, payable July 1 of each year; one-half of which was to form a part of the endowment fund, which was supplemented by a transfer of $100,000 from the fund of the trustees of the Grand Encampment. These loans, in each Jurisdiction were to be made by a Committee of their own Grand Commanderies, appointed as their Grand Commander directed. The loans were made not exceeding two hundred dollars in one year, to suitable students, upon their personal notes, given without any security, with interest at five per cent commencing upon the date of their graduation, and the entire amount to be repaid by annual payments within four years from that date. The Supreme Council of the Northern Masonic Jurisdiction of the Ancient and Accepted Scottish Rite has also an educational loan fund of like character to enable deserving applicants to make their way successfully through universities and colleges of approved standing.
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