1. The benefaction of £3.425m from BP Exploration Operating Company, together with any further donations for this purpose, shall be used to establish and maintain the BP Professorship of Economics.
2. The University shall retain all of the benefaction as permanent endowment and shall apply the net income towards the salary and expenses of the holder of the Professorship, and associated overheads.
3. The administration of the benefaction, and the application of its income, shall be the responsibility of the Management Committee of the Department of Economics.
4. The BP Professor of Economics shall lecture and give instruction in economics. He/she will also be the director of the Oxford Centre for the Analysis of Resource-Rich Economies and will provide academic leadership to the Centre for such time, as it shall be established.
5. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or if the head of the college specified in paragraph (2) below is the Vice-Chancellor, a person appointed by Council;
(2) the head of the college to which the Chair may be allocated by Council from time to time; or if the head is unable to unwilling to act, a person appointed by the governing body of that college;
(3) a person appointed by the governing body of the college;
(4), (5) two persons appointed by Council;
(6) a person appointed by the Social Sciences Board; and
(7)–(9) three persons appointed by the Management Committee of the Department of Economics.
6. The professor shall be subject to the General Provisions of the regulations concerning the duties of professors and to those Particular Provisions of the same regulations, which are applicable to the Chair.
7. Regulations 1–2 shall be deemed as Trust Regulations under the provisions of Part D of Statute XVI.
8. Regulations 3–6 may be amended by Council.