1. The University received with gratitude a gift from Mr Alfred Beit 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 Beit Fund (“the Fund”).
2. The University shall retain as permanent endowment those of the assets in the Funds 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 as follows:
(1) by establishing and contributing to the maintenance costs of the post of Beit Professor of the History of the British Commonwealth (“the Professor”)
(2) the payment of the Beit Prize and of the Examiners for that prize (“the Prize”);
4. The administration of the Fund, and the application of its income, shall be the responsibility of a board of management consisting of;
(1) the Vice-Chancellor;
(2) the Beit Professor of the History of the British Commonwealth;
(3) one person appointed by the Board of the Faculty of History;
(4) one person appointed by the Board of the Social Sciences Divisional Board;
(5) one person appointed by the Humanities Divisional Board.
The elected members of the board of management shall hold office for three years and shall be re-eligible.
The board of management may co-opt up to two additional members, who may be internal or external, on condition that the board shall always ensure by the use of its power of co-optation that the overall range of activities and concerns of the Beit Fund is as fully represented within the total membership of the board as is reasonably practicable.
5. No more than an annual contribution equal to two-fifths of the total income of the Fund shall be used towards the payment of the full salary of the Professor.
6. The Beit Prize shall be for an essay on some subject connected with Global and Imperial History. It shall be open to student members of the University and be administered by the Faculty of History. The value of the prize, and the annual sum for the payment of the judges, shall be as determined by the board of management.
7. If there is income remaining once the primary purposes have been met, there shall be discretion to apply the income and/or capital of the Fund to support activities such as, but not limited to:
• The establishment of Scholarships in Global and Imperial History;
• Provision of funds to support the research of the Professor;
• Provision of funds for the purchase of such books, documents and resources as in the opinion of the Curators of the Library are required in the study of Global and Imperial History;
• Grants made by the board of management for any purposes which in its opinion will promote the study of Global and Imperial History in the University.
Any balance of the income not so applied shall be carried forward for expenditure in subsequent years.
8. The University shall have power to pay out of the income of the Funds all costs of and incidental to the creation of the Funds and the management and administration of the Funds and the post.
9. The University may exercise any of its corporate powers in the management and administration of the Funds in so far as those powers are not inconsistent with these regulations.
10. Regulations 1–3 and 5–12 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 Funds 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.