1. The donations from Korea Foundation and the International Communication Foundation shall together be known as the Young Bin Min-KF University Lecturership in Korean Language and Linguistics Fund.
2. The University shall retain all of the Fund as permanent endowment and shall apply the net income of the Fund towards the furtherance within the University of research within the field of Korean Studies involving Korean Language and Linguistics.
3. The first call on the income shall be the funding of a University Lecturership in the field of Korean Language and Linguistics. The Lecturer shall focus on Korean language and linguistics as the primary subject of his/her research and conduct such research using primary sources published in the Korean language; and publish the findings of such research in the English language and possibly in the Korean language.
4. Any excess Disposable Income remaining after providing for the University Lecturer’s salary and related expenses (including during a vacancy of the University Lecturership) may be expended at the discretion of the Board of the Faculty of Oriental Studies, with a strong preference that said funds be used to support Korean studies at the University, including but not limited to: hosting of visiting professors, graduate fellowships, research expenses, conferences, seminars, and expansion of the University’s library holdings in Korean studies.
5. Any income not expended on the University Lecturership may be carried forward for expenditure in subsequent years.
6. Regulation 3 above may be amended by Council.