(1) Oregon State University shall execute the trust created by the last will and testament of John T. Apperson, deceased. The university shall administer the trust fund provided for and designated in the will as the J. T. Apperson Agricultural College Educational Fund.
(2) Oregon State University may accept, receive, own, hold, sell and dispose of any and all real and personal property given, devised or bequeathed to the State Land Board by John T. Apperson in trust for the purpose of creating the J. T. Apperson Agricultural College Educational Fund. The university shall manage and use it in accordance with the directions contained in the will of John T. Apperson, deceased, for the purpose of defraying the expenses and assisting in the education at Oregon State University of deserving young men and women who are residents of Oregon and are unable to bear the expense of a collegiate course at that institution.
(3) All necessary expenses incurred by Oregon State University in connection with the administration of the trust fund shall be payable out of the fund. Oregon State University may adopt any necessary standards for the transaction of business related to and the carrying out of this section and ORS 352.842.