1. The University accepts with deep gratitude the sum of £400,000 from Mr H.F. Oppenheimer which shall be used, together with any further donations for this purpose, to form a fund, to be known as the Oppenheimer Fund. The net income from the fund shall be applied from time to time to either or both of the following purposes:
(a) the assistance of the academic exchange of senior and junior members between the University of Oxford on the one hand and universities and similar institutions of higher education in the Republic of South Africa on the other;
(b) the support of studies within the University of Oxford related to sub-Saharan Africa including, but not limited to, (i) work on environmental or development problems and (ii) research, with particular emphasis on research relevant to mining, in the Earth Sciences or in Engineering Science.
2. The fund shall be administered by the Board of Management of the Oxford Graduate Scholarship Matched Fund, which shall have power to delegate responsibility for the administration of the fund to a subcommittee (not all the members of which need be members of the Board of Management of the Oxford Graduate Scholarship Matched Fund).
3. Surplus income arising in any year shall be carried forward for expenditure in subsequent years in accordance with the provisions of regulation 1 above.
4. Council shall have power to amend this regulation from time to time, provided that the purposes of the fund as defined in regulation 1 above shall always be kept in view.