The board of trustees of state institutions of higher learning is hereby authorized to establish a fund to be known as the J. C. Hardy Memorial Fund.
The fund herein authorized shall be raised and supplemented by donations, gifts, legacies, and otherwise. Under the supervision of said board of trustees, said fund or the proceeds therefrom shall be used to assist sons of low-income Mississippi citizens to meet their educational expenses at the Mississippi State University of Agriculture and Applied Science.