29.1. There shall be a Kennicott Fellowship and Pusey and Ellerton Prizes which shall be managed by a board of management consisting of:
(1) the Regius Professor of Divinity;
(2) the Regius Professor of Hebrew;
(3) the President of Magdalen College, or a member of Congregation appointed by him or her for three years and being re eligible;
(4) the Dean of Christ Church, or a member of Congregation appointed by him or her for three years and being re eligible;
(5) the Warden of Wadham College, or a member of Congregation appointed by him or her for three years and being re eligible;
(6) a representative of the Board of the Faculty of Oriental Studies appointed by the faculty board for three years and being re eligible.
29.2. The board shall appoint for each year not more than three electors, who shall consider the applications of candidates for the fellowship, shall make the elections to the fellowships, shall recommend, if they think fit, the making of grants of money or books to unsuccessful candidates for the fellowship, and shall receive from the Pusey and Ellerton Fund remuneration for their services at rates to be determined for each year by the board.
29.3. (1) The board shall in at least every third year offer, and the electors, if candidates suitable in their judgement present themselves, shall in the Trinity Term of that year or as soon as possible afterwards elect to, a Kennicott Fellowship, either without an examination or after such examination as they may think fit.
(2) The fellowship shall be open, with preference to candidates who have not on the first day of the term of the election passed their 25th birthday, to any person who is a member of the University who has obtained a first or second class in an honour school, or who has, in the opinion of the electors, achieved comparable academic standing in another university.
(3) Every candidate must submit with his or her application both evidence of knowledge of Hebrew and a statement satisfactory to the electors as to the course of study he or she intends to pursue in connection with the Hebrew language, literature, history, or archaeology, or the cognate Semitic languages so far as they illustrate Hebrew, and, in the case of a candidate who is already a member of the University, a statement of consent to his or her candidature from the head of his college, society, or Permanent Private Hall.
(4) The fellowship shall be tenable for two years from the first day of the Michaelmas Term of the year of election, except that its assumption may be deferred at the discretion of the board, and shall be renewable for a third year at the discretion of and under conditions to be determined by the board.
(5) No person shall be eligible a second time for the fellowship.
(6) As a condition of becoming entitled to the emoluments of the fellowship, a fellow must have been admitted to matriculation as a member of the University, must reside within the University for two academic years unless the electors give him or her leave to pursue his or her course of study elsewhere, and must satisfy the board in each term that he or she is diligently prosecuting a course of studies in Hebrew approved by the board.
(7) The emoluments of the fellowship, which shall be paid out of the Kennicott Fund (subject to the provisions of section 29.5 below), shall be such sum as the board shall determine in the light of any other emoluments accruing to the fellow during his or her tenure of the fellowship.
29.4. There shall be Senior and Junior Pusey and Ellerton Prizes offered each year in accordance with the following conditions:
(1) One or more senior prizes shall be awarded on the recommendation of the examiners in the Final Honour School of Theology, and one or more on the recommendation of the examiners in the Final Honour School of Oriental Studies, to those candidates whose performance in Biblical Hebrew the examiners judge to be of sufficient merit.
(2) Two or more junior prizes shall be awarded on the recommendation of the moderators in the Preliminary Examination for Theology, and two or more on the recommendation of the moderators in the Preliminary Examination in Oriental Studies, to those candidates whose performance in Biblical Hebrew the moderators judge to be of sufficient merit.
(3) The senior prize shall be open to any member of the University qualified to obtain honours in the Honour School of Theology or of Oriental Studies.
(4) The value of the prizes, which shall be paid out of the Pusey and Ellerton Fund (subject to the provisions of section 29.5 below), shall be such as the board shall from time to time determine.
29.5. If in any year the net income available in either fund, after defraying all necessary expenses of administration (including the remuneration of the electors and the cost of examinations), shall be insufficient to meet the emoluments of the fellowship or of the prizes as the case may be, the deficiency on that fund shall be made good out of the income of the other.
29.6. (1) Any surplus income remaining in the funds over and above that required for the above purposes may at the discretion of the board be applied in one or more of the following ways:
(a) in awarding a second fellowship on the same terms as are set out in section 29.3 above;
(b) in assisting publications which may forward the objects of the trusts;
(c) for the encouragement in other ways of the objects of the trusts.
(2) In applying income in accordance with sub section (1) above, the board shall always keep in view the main objects of the founders, namely in the case of the Kennicott Fund, the promotion of Hebrew studies, and, in the case of the Pusey and Ellerton Fund, the promotion of sound theology through a solid and critical knowledge of Hebrew.
29.7. Congregation may from time to time amend this Part so long as the main objects of the founders, as set out in section 29.6 above, are always kept in view.