1. The University accepts from the Trustee of the Campaign for Oxford Trust Fund the initial endowment and such further sums as shall be made available for the same purpose, made possible by a generous benefaction from Lady Labouchere, to establish a fund, to be known as the Sir George Labouchere Fund, for the advancement within the University of learning, scholarship, and research in the field of Spanish Studies, which expression shall include the history of Anglo-Spanish relations, Spanish history, and the literature, language, and other cultural aspects of Spain. While priority shall, where possible, be given to these aspects, similar aspects relating to Hispanic America shall not be excluded.
2. There shall be a committee to administer the income of the fund consisting of:
(1), (2) two persons appointed by the Board of the Faculty of History;
(3), (4) two persons appointed by the Board of the Faculty of Medieval and Modern Languages.
Members of the committee shall serve for such periods as shall be determined by the appointing board at the time of their appointment. They shall elect the chairman of the committee from amongst their own number.
3. The first charge on the income of the fund shall be the maintenance of graduate studentships or travel grants to be awarded from time to time to members of the University to enable them to undertake research in Spanish archives and libraries in the above-mentioned fields for the award of a degree of the University.
4. Income not required for the maintenance of scholarships or grants as aforesaid may be applied towards the purchase of library material relevant to Spanish Studies, including antiquarian books, for the Taylor Institution Library or other appropriate library or libraries of the University.
5. Income not expended in any year shall be carried forward for expenditure in subsequent years.
6. Council shall have power to alter this decree from time to time, provided that the main object of the fund as defined in clause 1 above is always kept in view.