Sep 23, 2014 02:06 AM EDT By Staff Reporter, UniversityHerald Reporter

Henry C. Wolf, a William & Mary alumnus and former university Rector, has made a gift of $3 million to establish the 1779 Scholars FUND for student scholarships at W&M Law School.

The donation that he made along with his wife Dixie Davis will also be used to create The Wolf Gallery at the university's Muscarelle Museum of Art. The gallery will be focused on William & Mary's history.

"Their gift celebrates the university's storied place in our nation's history. It will FUND student scholarships at William & Mary Law School, the nation's oldest, established by Thomas Jefferson in 1779, and it will provide a venue in William & Mary's Muscarelle Museum to display university artifacts, including many that illustrate William & Mary's impact on America," William & Mary President Taylor Reveley said in a statement.

The couple said that they were delighted to make the gift to the University.

"Our gift to the Muscarelle Museum of Art is intended to provide a source of funds that will help to facilitate the construction of new facilities for a very special museum in the midst of our community," Dixie said.

The 1779 Scholars FUND will offer monetary assistance and legal education to deserving law students, who will be designated as Wolf Scholars.

William & Mary Law School Dean Davison M. Douglas said that the gift helps fulfill the school's mission of providing education to law aspirants, who are capable of leading and serving the society.

"This endowment will help us attract those students who have demonstrated tremendous academic excellence, as well as a commitment to the greater good," Douglas said.

Henry earned a bachelor's degree in Economics in 1964 from the university and a Law degree from William & Mary Law School. Wolf was appointed to the Board of Visitors, William & Mary's governing body, twice (2003 and 2007). He also served as a rector and vice-rector for a period of two years each. The William & Mary Alumni Association recognized Dixie Davis Wolf as an honorary alumna in 2010 for his long-standing commitment and genuine affinity for the College.

Meanwhile, Dixie is a graduate of the University of New Orleans, a trustee of The College of William & Mary Foundation and a former trustee of the Muscarelle Museum of Art.

See Now: Covert Team Inside Newsweek Revealed as Key Players in False Human Trafficking Lawsuit