Board of Directors v. Board of Supervisors

The will of one Hawley contained this provision:

“To the School District of Fort Dodge, Iowa, and the Directors there of ten thousand ($10,000.00) Dollars as provided in said will, to-wit: In trust, to be by said Board invested in safe interest bearing securities, as a perpetual fund for the founding of one or more scholarships to be known as the ‘Henry W. Hawley, Scholarship of the Fort Dodge High School’, for the purpose of aiding worthy graduates of that school in obtaining a collegiate education; only the income of said fund to be used for this purpose. The trustees of this fund shall…