1. The University accepts with gratitude from Mr Michael Borkan, the sum of £16,200, and such further sums as shall be contributed for the same purpose, to establish a fund to be known as the Brettschneider Fund to strengthen links between the University of Oxford and Cornell University. The net income of the Fund shall be applied to promote academic exchange, including the provision of bursaries for present or former students of Cornell University to study in Oxford.
2. The fund shall be administered by a Board of Management the membership of which shall consist of:
(1) a person appointed by the Education Committee of Council, who shall be Chairman;
(2) a person appointed by the Senior Tutors and Graduates Committee;
(3) a person appointed by Cornell University.
The Board may co-opt one additional member for such period as it thinks fit.
3. The board shall apply the net income of the fund in the maintenance of the awards, and the board shall determine the condition of their award, and their several value and tenure.
4. Income not expended in any year may be carried forward for expenditure in subsequent years or added to the capital of the fund.
5. Council shall have power to alter these regulations from time to time, provided that the main object of the fund as defined in paragraph 1 above is kept in view.