1. The University accepts with gratitude the bequest of the Revd. R. Gordon Milburn to establish a fund to promote the theological or the philosophical study within the University of mysticism and religious experience.
2. The Board of the Faculty of Theology shall be the board of management of the fund.
3. The board of management shall apply the income, after the payment of all proper expenses, towards the provision of a Gordon Milburn Junior Research Fellowship tenable at Oxford and awarded from time to time under such conditions, conducive to the purposes of the bequest stated in clause 1 above, as the board shall determine.
4. Any surplus income available, either because of a vacancy in the fellowship or for any other reason, may be applied toward such other purpose or purposes conducive to the promotion of the theological or the philosophical study within the University of mysticism and religious experience as the board shall determine, or may be carried forward for expenditure in subsequent years.
5. Council shall have power to alter this decree from time to time, provided that the main object of the fund, as stated in clause 1 above, is kept in view.