Part of Council Regulations 25 of 2002: Trust Regulations
1. The University accepts with gratitude from the former U.S. Ambassador to the Court of St James’s, Mr W.H. Annenberg, the sum of $250,000 to establish a fund, to be named for Her Majesty Queen Elizabeth The Queen Mother, the net income of which shall be used for the award of Queen Elizabeth Scholarships to support alternate visits of up to one year between the Universities of Pennsylvania and Oxford by junior or senior members of each institution.
2. The fund shall be administered by the International Committee.
3. Provided that candidates of sufficient merit offer themselves, a Queen Elizabeth Scholarship shall be awarded annually, to a member of the University of Oxford and of the University of Pennsylvania in alternate years. It may be held by either a senior or junior member of the relevant university, and shall be used by the holder for the purpose of study at the other university. No person shall hold the scholarship for more than one academic year.
4. Any income not spent in any year under the provisions of clause 3 above shall be carried forward for expenditure in subsequent years.
5. Council shall have power to amend this decree from time to time, provided that the object of the fund as defined in clause 1 above shall always be kept in view.