1. The benefaction of £3m from Mr Gulabchand, together with any further donations for this purpose, shall be used to establish and maintain the Ajit Gulabchand Professorship of Indian Business Studies.
2. The University shall retain all of the benefaction as permanent endowment and shall apply the net income towards the salary and expenses of the holder of the Professorship, and associated overheads.
3. The administration of the benefaction, and the application of income, shall be the responsibility of the Executive Board of the Saïd Business School.
4. The Ajit Gulabchand Professor of Indian Business Studies shall lecture and give instruction in Indian business and management studies.
5. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or if the head of the college specified in paragraph (2) below is the Vice-Chancellor, a person appointed by Council;
(2) the head of the college to which the Chair may be allocated by Council from time to time; or if the head is unable or unwilling to act, a person appointed by the governing body of that college;
(3) a person appointed by the governing body of the college;
(4), (5) two persons appointed by Council;
(6) a person appointed by the Social Sciences Board; and
(7)–(9) three persons appointed by the Saïd Business School.
6. 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 the Chair.
7. Regulations 1–2 shall be deemed as Trust Regulations under the provisions of Part D of Statute XVI. 8. Regulations 3–6 may be amended by Council.