1. The benefaction of Henry Drummond shall be held as permanent endowment on the trusts declared in these regulations. 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 Drummond Professor of Political Economy Fund.
2. The University shall retain as permanent endowment those of the assets in the Fund 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 by establishing and maintaining a post that shall be called the Drummond Professor of Political Economy (“the Professor”).
4. The Professor shall undertake research, lecture and give instruction in Political Economy.
5. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor;
(2) the Warden of All Souls College, or, if the Warden is unable or unwilling to act, a person appointed by the Governing Body of All Souls College on the occurrence of a vacancy to act as an elector on that occasion;
(3) a person appointed by the Governing Body of All Souls College;
(4), (5) two persons appointed by Council;
(6) a person appointed by the Social Sciences Board; and
(7)–(9) three persons appointed by the General Purposes Committee of the Department of Economics, one of whom shall be appointed in consultation with the Faculty of History.
6. The Professor shall be subject to the General Provisions of the regulations concerning the duties of professors and to those Particular Provisions of the same regulations which are applicable to this chair.
7. The administration of the Fund, and the application of its income, shall be the responsibility of the Board of the Social Sciences Division.
8. The University may in its absolute discretion in the period ending 21 years from the date of this regulation, instead of applying the income of the Fund in any year, accumulate all or any part of such income by investing it, and holding it as part of the capital of the Fund. The University may apply the whole or any part of such accumulated income in any subsequent year as if it were income of the Fund arising in the then current year.
9. The University shall have power to pay out of the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund and the post.
10. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with these regulations.
11. Regulations 1–3 and 7–13 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
12. Subject to regulation 13, 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.
13. Any amendment to regulation 3 is an amendment to the main objects of the Fund 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.’