1. The University receives with gratitude a gift from the A B Charitable Trust to be held on the trusts declared in this regulation.
2. Subject to regulation 6 below, the University shall preserve the capital of the gift as permanent endowment (“the Permanent Endowment”).
3. The University shall apply the income only of the Permanent Endowment towards the costs of the director and other staff of an institute of human rights (“the Institute”).
4. The administration of the Fund, and the application of its income, shall be the responsibility of the Board of the Faculty of Law.
5. The University may in its absolute discretion in the period ending 21 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 it, and holding it 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 it were income of the Fund arising in the then current year.
6. The University shall have power to pay out of capital all reasonable costs of and incidental to the management and administration of the Fund, and (should there be insufficient income and/or income reserves available for the purpose) reasonable staff-related costs if the Institute ceases to operate.
7. 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.
8. Regulations 1–10 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
9. Subject to regulation 10, 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.
10. 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.