1. The University accepts with gratitude the gift of D.M.1,500,000 from Mrs Anneliese Brost and Mr Erich Schumann, through the Stiftverband für die Deutsche Wissenschaft, to establish a fund to be known as the Erich Brost Fund, the net income of which shall be used to maintain the Erich Brost Lecturership in German and European Community Law.
2. The Board of the Faculty of Law shall be the board of management for the fund.
3. The board of management shall before 31 October each year transmit to the Stiftverband accounts of the fund for the period of twelve calendar months which has ended on the preceding 31 July. These accounts shall contain details of the investment of the fund, the income from this investment, and the expenditure incurred from the fund. The board shall, if so requested at any time by the Stiftverband, send to the Stiftverband all documents relating to the fund in respect of any or all of the ten years preceding any such request.
4. Before 31 December each year, beginning in December 1996, the University shall pay from the income of the fund such sum, being initially D.M.4,000, as the Stiftverband may reasonably require to cover the Stiftverband’s administrative costs in connection with the lecturership.
5. Council shall have power to amend this decree from time to time, provided always that it may do so only with the Stiftverband’s prior written agreement. In the event that the University no longer complies with the provisions of clauses 1-4 above, or with any new provisions which may be effective from time to time as a result of amendments made in accordance with such agreement, the University shall return to the Stiftverband both the capital of the fund and any income to the fund which has not already been expended or committed by the University.