1. The University receives with gratitude a benefaction to be held as permanent endowment on the trusts declared in this regulation. Further money or property may be paid or transferred to the University to be held on the same trusts. The assets so held will be known as the Harmsworth Professor of American History Fund (“the 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 (if any), towards the salary and expenses of the holder of the Harold Vyvyan Harmsworth Professor of American History and associated overheads. The Professor shall lecture and give instruction in the History of the United States of America.
4. The administration of the Fund, and the application of its income, shall be the responsibility of the Humanities Divisional Board.
5. The Professor shall be elected by an electoral board consisting of:
(1) the Chancellor of the University of Oxford (provided always that the Chancellor may appoint the Vice- Chancellor to act for him or her);
(2) the Ambassador from the United States of America to the Court of St James at the time of election, or a deputy appointed by the Ambassador to act from time to time;
(3) a person appointed by Council;
(4) Viscount Rothermere for his life, and thereafter each successive holder of the Viscountcy or an elector appointed by him as his representative at the election; but if the Viscountcy should have become extinct or the holder thereof be a minor or otherwise disqualified from acting as an elector or appointing a representative, then the Lord Chief Justice of England shall be the fourth elector;
(5), (6) two persons appointed by the governing body of the college to which the professorship shall be for the time being allocated by Council under any regulation in that behalf; and
(7), (8) two persons appointed by the Board of the Faculty of History.
The professor shall hold office for not less than one nor more than five years, as the electors may determine, but shall be re-eligible.
6. 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.
7. The University shall have power to pay out of the capital or 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 Professorship.
8. 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.
9. Regulations 1–4 and 6–11 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
10. Subject to regulation 11, 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. 11. 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.