1. The administration of the Beit Fund shall be entrusted to a board of management consisting of five persons, who shall be
(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 Faculty of Social Studies;
(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 cooptation 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.
2. The first charges upon the Beit Fund shall be
(a) an annual contribution equal to two-fifths of the total income of the fund from year to year towards the payment of the full stipend of the Beit Professor of the History of the British Commonwealth;
(b) the payment of the Beit Prize and of the Examiners for that prize;
(c) the payment of an annual contribution of £50 to the Bodleian Library for the purchase of such books and documents as in the opinion of the Curators of the Library are required in the study of the history of the British Dominions over the Seas, exclusive of India and its Dependencies.
3. Any balance of the income, so far as not required for the purposes aforesaid, may be applied to the following purposes:
(a) the establishment of Senior Research Scholarships in the History of the British Commonwealth on such terms as the board shall from time to time decide;
(b) the provision of a fund to enable the Beit Professor to travel, primarily but not exclusively within the Commonwealth, in order to pursue his or her research and to participate in the international practice of imperial or commonwealth history;
(c) grants made by the board of management for any purposes which in its opinion will promote the study of the History of the British Commonwealth in the University of Oxford.
Any balance of the income not so applied shall be carried forward for expenditure in subsequent years.
4. This regulation shall be subject to alteration from time to time by Council, provided that the main objects of the fund as set forth in the preamble to the decree superseded by this regulation1 are always kept in view.