1. The University receives with gratitude a legacy from Helene T A M La Rue 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 Helene T A M La Rue Scholarship 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 (1) apply the income of the Permanent Endowment; and (2) apply the income and, in its discretion, the capital of that part of the Fund (if any) that is not part of the original legacy or otherwise designated as Permanent Endowment, towards:
(a) payment in whole or in part of the academic fees and maintenance expenses of one or more junior members of St Cross College, who shall be designated La Rue scholars, who are studying Music, with a preference being given to those whose academic research concerns the musical collections of the University of Oxford;
(b) if no suitable candidate for an award is available in any academic year in which the trustee, acting by the Fund’s board of management, had intended to make such an award, the payment of the total amount of the funds which the board of management had intended to disburse in that year to the Principal and Fellows of Lady Margaret Hall, to be used for the purpose of supporting the studies of the junior members of Lady Margaret Hall; and
(c) hosting of a dinner in St Cross College for all current and former La Rue Scholars and for such other members of the University and the general public as the board of management shall see fit to invite.
4. The administration of the Fund, and the application of its income, shall be the responsibility of a board of management comprising of:
(1) the Master of St Cross College or his or her designate;
(2) the Chair of the Board of the Faculty of Music or his or her designate;
(3) the Principal of Lady Margaret Hall or his or her designate;
(4) one Fellow of St Cross College who shall be chosen in accordance with such procedures as the Governing Body of St Cross College shall establish; and
(5) as chair of the board, Clare La Rue and after her death, some such person as she shall have designated.
5. 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.
6. 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 Scholarship.
7. 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.
8. Regulations 1–10 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
9. 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.
10. 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 His Majesty in Council.