1. The University accepts with gratitude the bequest by the late Mr Richard Guy Ormonde Hudson, DSC, of one-third of the residue of his estate to establish a fund to be known as the Guy Hudson Memorial Fund, the net income from which shall be used for the education of officers of the Royal Navy or Royal Marines at the University.
2. The fund shall be administered by a board of management consisting of:
(1) the Chichele Professor of the History of War;
(2) the Officer Commanding the University Royal Navy Unit (or his or her representative);
(3) the representative of the Naval Staff who serves on the Delegacy for Military Instruction;
(4)-(6) up to three persons appointed by the Board of Management of the Hudson Trust, at least one of whom is a member of the Delegacy for Military Instruction;
(7) the current Royal Navy/Royal Marine Hudson Fellow(s) resident in Oxford.
The board of management shall have power to co-opt an additional member, who may be external to the University, with qualifications related either to the estate of the Benefactor, Guy Hudson, or to the Royal Navy/Royal Marines. Such members shall serve for two years and be re-eligible.
3. The board shall apply the annual income of the bequest in such ways as it may think fit for the assistance (whether by the making of grants or such other ways) directly or indirectly for the further education of officers of the Royal Navy and/or Royal Marines at the University.
4. Any income not spent in any year shall be carried forward for expenditure in subsequent years in accordance with the provisions of clause 1 above.
5. Council shall have power to alter this regulation from time to time, provided that the main object of the bequest, as defined in clause 1 above, is always adhered to.