1. The University receives with gratitude the sum of £2,350,000 from Les Laboratoires Servier to be held as permanent endowment on the trusts declared in this regulation. Further money or property may be paid or transferred to the University as either expendable or permanent endowment to be held on the same trusts. The assets so held will be known as the Robert Turner Professor of Diabetic Medicine (Servier) Fund (“the Fund”).
2. The University shall retain as permanent endowment those of the assets in the Fund which are contributed on the express understanding that they are to be treated as permanent endowment (“the Permanent Endowment”).
3. The University shall (a) apply the income of the Permanent Endowment; and (b) apply the income and, in its discretion, the capital of the remainder of the Fund for the advancement of education for the benefit of the public by establishing and maintaining a post that shall be called the Robert Turner Professor of Diabetic Medicine (“the Professor”).
4. The Professor shall undertake activities, including any of the following: diabetic research, the practice of clinical diabetes, lectures and the giving of instruction in diabetes.
5. The Fund shall be used to pay the salary and expenses of the Professor and associated overheads. If the salary, expenses and overheads of the Professor are wholly or partly covered from other sources or there are further funds available, there shall be discretion to apply the income of the Fund to support the Professor’s research; to make acquisitions of items to support the work of the Professor; or to support the work of the Professor in any other manner.
6. The Professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor;
(2) the head of the college to which the professorship shall be for the time being allocated by Council under any decree in that behalf, or, if the head is unable or unwilling to act, a person appointed by the governing body of the college;
(3) a person appointed by the governing body of the college specified in (2) of this clause;
(4), (5) two persons appointed by Council;
(6)−(9) four persons appointed by the Medical Sciences Board;
(10) a person holding a clinical appointment appointed by the relevant NHS body with which the post-holder will hold an honorary contract.
7. 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 this chair.
8. The University shall have power to pay out of the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund and the post.
9. 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 these regulations.
10. Regulations 1–5 and 7–12 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
11. Subject to regulation 12, Council may amend, repeal or add to these regulations in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University.
12. Any amendment to regulation 3 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by Her Majesty in Council.