10.1. The net annual proceeds of the benefaction of Elizabeth Denyer, widow, and of that part of the benefaction of John Johnson, DD, which he designated for the encouragement of the study of Theology within the University shall be applied to that object.
10.2. The proceeds shall be used for a travelling fellowship and a prize for the encouragement of the study of Theology, to be called the Denyer and Johnson Travelling Fellowship and Prize.
10.3. The Board of the Faculty of Theology and Religion shall be the board of management for the fund.
10.4. There shall be a travelling fellowship of a value to be determined in each case by the board of management, tenable for one year.
10.5. (1) One travelling fellow shall be elected every other year, if suitable candidates present themselves.
(2) Candidates must be members of the University who, on the first day of October in the academic year in which the election takes place, are under 40 years of age, and either
(a) have qualified by examination for any degree of the University; or
(b) are members of Congregation.
10.6. The travelling fellowship shall not be awarded to the same person more than twice.
10.7. (1) Every travelling fellow elected shall, unless he or she has received from the board exemption from the requirement, be required to spend at least three months of his or her tenure of the fellowship in residence outside the United Kingdom for the purpose of study at some place or places approved by the board.
(2) Part of the value of the travelling fellowship as determined by the board shall be applied, at its discretion, to meet expenses necessarily incurred by the travelling fellow under this condition.
(3) The board shall have power to authorise the payment of such part of the emoluments of the fellowship as it may deem reasonable to a fellow who has failed to complete his or her period of residence outside the United Kingdom; and the board shall also have power to require a fellow to produce such evidence of diligence in the prosecution of his or her studies as it may think expedient.
10.8. Subject to this Part, the board shall have power to make, and to vary from time to time, provisions concerning the mode of election to, and the conditions of tenure and time of payment of the emoluments of, the travelling fellowship, except that no election to a travelling fellowship shall be made by the board unless notice of not less than twenty days has been given by it of the time and place at which names of the candidates are to be received.
10.9. There shall be a prize which shall be awarded on the recommendation of the examiners in the Final Honour School of Theology to the candidate whose performance the examiners judge to be the best and of sufficient merit for the prize, except that it shall not be awarded to a candidate who has been awarded a Senior Pusey and Ellerton Prize in Biblical Hebrew unless there is no other candidate of sufficient merit to be awarded the Denyer and Johnson Prize.
10.10. The value of the prize shall be such as the board shall from time to time determine.
10.11. Any income from the benefaction in excess of the sum required in each year for paying the emoluments of the fellowship and prize may be used by the board in one or more of the following ways:
(1) for the award of an additional travelling fellowship on the same terms and conditions as the above;
(2) for studentships to be awarded to graduates reading for higher degrees under the Board of the Faculty of Theology and Religion, on conditions laid down by the board;
(3) for grants or any purpose connected with the advancement of theological learning.
10.12. Congregation may from time to time amend this Part so long as the main object of the benefactions, as defined in section 10.1 above, is always kept in view.