1. The University accepts with gratitude a benefaction from the Mackintosh Foundation, and any further benefactions contributed for the same purpose, to establish a fund which shall be called the Cameron Mackintosh Drama Fund and which shall be used for the promotion of interest in, and the study and practice of, contemporary theatre within the University.
2. The fund shall be administered by a board of management consisting of:
(1) the Vice-Chancellor or his or her deputy;
(2)-(4) three persons appointed by the Humanities Divisional Board;
(5) one person appointed by the Mackintosh Foundation.
Any of the members specified in (2)-(5) above may be appointed, and at any time thereafter removed, by the appointing body giving not less than seven days’ prior written notice to the Registrar, who shall be responsible for the maintenance of a register of all current appointments.
3. The net income of the fund shall be applied by the board towards fostering, in such manner as it may think fit, interest in, and the general study and practice of, contemporary theatre within the University, and otherwise as stated in the Conditions of Endowment embodied in a Deed of Trust dated 26 March 1990 which has been entered into by the University, St Catherine’s College, and the Mackintosh Foundation; and in particular (but without limitation) towards any appropriate remuneration of persons engaged in running any activities sponsored by the fund, the provision and maintenance of theatrical equipment, stage scenery and properties, and costumes and premises for theatrical productions by resident members of the University, whether or not such productions take place in Oxford, and also in paying any direct costs of the administration of the fund.
4. The board shall from time to time establish arrangements for receiving competitive applications for financial support from the fund, and shall give such arrangements full publicity within the University. In determining how financial support shall be distributed, the board shall bear in mind the desire of the Foundation in establishing the initial endowment that musical theatre should play a material part in the expenditure programme. Applications may be invited from within the University from student drama and musical societies and other groups (whether university- or college-based), and from individuals.
5. Any surplus income shall be carried forward for expenditure in a subsequent year, provided that the board may at its discretion apply all or any part of the accumulated surplus at any time either towards the maintenance of the Cameron Mackintosh Visiting Professorship of Contemporary Theatre, or in augmentation of the capital of the fund over such period or periods as the board shall determine but not exceeding eighty years from 1 October 1989 or such shorter period as may be prescribed by law.
6. Council shall have power to alter this decree from time to time, provided
(a) that the purpose of the fund as defined in clause 1 above, and as otherwise stated in the said Conditions of Endowment, shall not thereby be changed; and
(b) that during the continuing existence of the Mackintosh Foundation no alteration shall be effected without the prior consent of the Foundation under seal.