1. The sum received by the University from his Excellency Boghos Nubar Pasha shall be invested in the name of the Chancellor, Masters, and Scholars of the University of Oxford.
2. The income derived from such trust fund shall be applied to the establishment and maintenance of a scholarship for the encouragement of the study of Armenian History and Literature.
3. The scholarship shall be administered by a board of management consisting of:
(1) the Vice-Chancellor;
(2) the Master of Balliol College, or, if the Master is Vice-Chancellor then a person appointed by the Master and Fellows of Balliol College to act during his or her ViceChancellorship;
(3) the Calouste Gulbenkian Professor of Armenian Studies;
(4) a person elected by the Board of the Faculty of Classics;
(5), (6) two persons elected by the Board of the Faculty of Oriental Studies.
The elected members of the board of management shall hold office for three years and shall be re-eligible.
4. The scholarship shall be of the annual value of £250 or such larger sum, not exceeding the value of one year’s income of the fund after the expenses of management and any examiner’s fees have been deducted, as the board of management may, having regard to any other emoluments accruing to the scholar and to the state of the fund, determine. The scholarship shall be tenable for one year in the first instance, but may be renewed at the discretion of the board for not more than two further years.
5. The scholarship shall be open to any member of the University, provided always that no person shall be eligible for election to the scholarship whose vernacular language is Armenian.
6. The board of management shall have power to make such arrangements as they may deem expedient for the election of a scholar either with or without examination, provided that they shall give not less than two months’ notice of the time and place at which the names of the candidates will be received.
7. If no election is made in any year in which the scholarship is offered in consequence of there being no candidate of sufficient merit, or if any vacancy occurs from any other cause, the sums which accrue owing to the vacancy shall, at the discretion of the board of management, be applied for any other purpose designed to encourage the study of Armenian History and Literature.
8. The scholarship shall not be awarded twice to the same person.
9. The board of management shall have power to defray out of the income of the trust fund any expenses incurred in connection with the award of the scholarship, and any surplus income remaining after such expenses have been met and the stipend of the scholar has been paid shall be dealt with in the manner prescribed in clause 7 above.
10. The board of management shall have power to alter this decree from time to time with the consent of Council, provided always that the main object of the founder be kept in view, namely the encouragement of the study of Armenian History and Literature.