1. The benefaction of $4 million from Anne T. and Robert M. Bass, together with any further donations for this purpose, shall be used to establish and maintain the Anne T. and Robert M. Bass Professorship of Developmental and Stem Cell Biology as Applied to Medicine.
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 its income, shall be the responsibility of the Medical Sciences Board.
4. The Anne T. and Robert M. Bass Professorship of Developmental and Stem Cell Biology as Applied to Medicine shall lecture and give instruction in stem cell biology.
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 to 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;
(6–9) four persons appointed by the Medical Sciences Board.
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.