1. The University receives with gratitude the sum of £1,000,000 from the trustees of the John Oldacre Foundation 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 as either expendable or permanent endowment to be held on the same trusts. The assets so held will be known as the John Oldacre Scholarships 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, towards the provision of scholarships to be known as the John Oldacre Scholarships (“the Scholarships”). The Scholarships shall be available to graduate students demonstrating exceptional academic merit and/or potential commencing a DPhil course of study in Plant Sciences at the University.
4. The administration of the Fund, and the application of its income, shall be the responsibility of a Board of Management (“the Board”) comprising: (1) the Sherardian Professor of Botany, who shall chair the Board; (2) the Head of the Department of Plant Sciences; and (3) the Director of Graduate Studies at the Department of Plant Sciences.
5. The University may in its absolute discretion in the period ending 21 years from 16 August 2018, 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 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 Her Majesty in Council.