1. The benefaction from L’Oréal SA shall be used to establish a Chair in Marketing, to be known as the L’Oréal Chair in Marketing.
2. The L’Oréal Professor in Marketing shall lecture and give instruction in Management Studies in the area of Marketing.
3. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or, if the Provost of Worcester College is Vice-Chancellor, a person appointed by Council;
(2) the Provost of Worcester College, or, if the Provost is unable or unwilling to act, a person appointed by the governing body of the college;
(3) a person appointed by the Governing Body of Worcester College;
(4), (5) two persons appointed by Council (of whom one shall be appointed after consultation with L’Oréal SA);
(6) a person appointed by the Social Sciences Board;
(7)-(9) three persons appointed by the Executive Committee of the Saïd Business School.
4. The professor shall be subject to the General Provisions of the regulations concerning the duties of professors and to those Particular Provisions of the same regulations which are applicable to this chair.
5. Regulation 1 above may be amended by Congregation under the provisions of Statute IV, subject to the approval of His Majesty in Council, in accordance with the Universities of Oxford and Cambridge Act, 1923; regulations 2-4 may be amended by Council.