1. The University holds Ten Pounds (£10) on the trusts declared in this Regulation (‘the Fund’). Further money or property may be paid or transferred to the University to be held on the terms of the Fund.
2. The Fund shall be known as the Oxford Graduate Scholarship Fund.
3. The University shall retain as permanent endowment all funds donated on that basis.
4. The University shall apply the net income of the permanent endowment and the income and, in its discretion, the capital of the remainder of the Fund towards the provision of scholarships to students accepted or registered for a programme of graduate study at the University of Oxford.
5. The Fund shall be held and administered by the University as the Oxford Graduate Scholarship Fund within the Oxford University Development Trust Fund (OUDT). The Fund shall be held and administered on the terms of these regulations and, in so far as it is not inconsistent with these regulations, the terms of the trust deed governing OUDT as varied from time to time.
6. The administration of the Fund, and the application of its income, shall be the responsibility of a Board of Management comprising:
(1) Pro-Vice-Chancellor (Education), or his or her nominee, who shall be chairman;
(2) Pro-Vice-Chancellor (Development and External Affairs);
(3)–(6) the chairmen of the Education Committees (or their equivalent) of each division;
(7) the chairman of the Graduate Admissions Committee;
(8) the chairman of the Graduate Committee of the Conference of Colleges.
7. The Board may co-opt up to three additional members for periods of three years who shall be eligible for re-appointment.
8. Any income not expended in any year shall be carried forward for expenditure in subsequent years.
9. The University may in its absolute discretion in the period ending twenty-one years from the date of this Regulation instead of applying the income of the Fund in any year accumulate all or any part of such income by investing the same and the resulting income and may hold the same as part of the capital of the Fund. The University may apply the whole or any part of such accumulated income in any subsequent year as if the same were income of the Fund arising in the then current year.
10. The University shall have power to pay out of the capital or the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund.
11. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with this Regulation.
12. Regulations 7, 8, 9, 10 and 11 above may be amended by Council.