1. The University receives with gratitude a gift from The Kavli Foundation (“the Benefactor”) 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 Kavli Institute for NanoScience Discovery Fund (“the Fund”) and the academic research activity supported by the Fund will be undertaken within the Kavli Institute for NanoScience Discovery (“the Institute”).
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, to support academic research activity in the field of NanoScience within the Institute.
4. The administration of the Fund, and the application of its income, shall be the responsibility of a dedicated management board convened for that purpose (“the Management Board”).
5. In the period ending 21 years from 6 November 2020, the University may on the recommendation of the Management Board and with the prior approval of the Benefactor (such approval not to be unreasonably withheld, conditioned or delayed)1 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, the management and administration of the Fund provided that the amount payable under this regulation 6 in each year shall not exceed 0.3 per cent of the aggregate of the income of the Fund and any other annual payments payable by the Benefactor in such year to support the Institute.
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 with the prior written approval of the Benefactor1 (such approval not to be unreasonably withheld, conditioned or delayed), 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.
1The University shall be deemed to have obtained the Benefactor’s prior written approval if two notices requesting such approval have been sent to both the last notified postal address and email address for the Benefactor and no response has been received within eight weeks of the date of such notice.