ORS 332.385: Gifts for scholarships and loans.

If the district school board accepts money and property donated for the purpose of establishing scholarship and loan funds for the post-high-school education of students of the district, then, subject to the conditions of the gift, the board may appoint a scholarship committee which, subject to the rules of the board, shall determine the eligibility of applicants for scholarships and loans, award scholarships and loans and fix the amounts to be awarded and the terms and conditions of the awards.