1. The University received with gratitude gifts bequeathed to it by Mr Charles J. O’Donnell, and holds these gifts as expendable endowment. 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 O’Donnell 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 lectures to be called the O’Donnell Lectures (“the Lectures”); and
(2) by establishing and maintaining a visiting lecturer to deliver the lectures, to be called the O’Donnell Lecturer in Celtic Studies (“the Lecturer”).
4. The Lectures shall be connected with one or other of the following subjects (a) the British or Celtic elements in the English language and the dialects of English counties and the special terms and words used in agriculture and handicrafts, and/or (b) the British or Celtic elements in the existing population of England.
5. The Lecturer shall hold office for one year but shall be re-eligible and shall be required to give not less than one or more than three lectures, the number of lectures within these limits being left to the lecturer’s discretion.
6. The administration of the Fund, and the application of its income, shall be the responsibility of the Humanities Divisional Board.
7. 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. These regulations shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
11. Subject to regulation 10, 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 His Majesty in Council.