38.1. The main object of the Randall-MacIver Benefaction shall be the support of junior research fellowships, to be known as Joanna Randall-MacIver Junior Research Fellowships, and the net income of the benefaction shall be used for that purpose.
38.2. The fellowships shall be tenable at Lady Margaret Hall, Somerville College, St Hugh’s College, St Hilda’s College, and St Anne’s College, and at such other colleges as Congregation may from time to time by statute determine.
38.3. (1) The fellowships shall be tenable for a maximum period of two years and shall not be renewable.
(2) The subjects in which they may be held shall be the fine art, or music, or literature of any nation in any period.
38.4. (1) The administration of the benefaction, and the application of its income, shall be the responsibility of the Humanities Divisional Board (“the Board”), which may delegate its authority to such bodies or persons it deems appropriate.
(2) The annual value of each fellowship shall be such sum as Council shall determine; and in addition such sum as Council may determine shall be paid to each fellow’s college towards the cost of working accommodation and other expenses incurred by the college in connection with the fellowship.
38.5. (1) In Michaelmas Term in each year the Board shall consider how many, if any, new fellowships can be offered with effect from the Michaelmas Term following and, after consultation with the colleges specified in section 38.2 above, shall allocate any such fellowships to the specified college per the rotation schedule. If the college does not wish to receive such fellowships, the fellowships shall be offered to the next available college per the rotation schedule.
(2) The Board shall provide a subject specialist to serve on the college of allocation’s selection panel. The colleges of allocation shall then be entirely responsible for arranging for the selection and appointment of the fellows.
(3) The colleges of allocation shall also be responsible for fixing the conditions on which the fellowships shall be held, but provision shall always be made for the granting of leave of absence to any fellow whose work requires it.
38.6. Any income not required in any financial year for the maintenance of fellowships shall, at the discretion of the Board, be carried forward for expenditure on fellowships in a subsequent year.
38.7. Congregation may from time to time amend this Part so long as the main object of the benefaction, as defined in section 38.1 above, is always kept in view.