40.1. The main object of the endowment originally accepted by the University from the Rhodes Trustees in 1920 as a fund for the study of Roman Dutch Law shall be the encouragement of the study of the Laws of the British Commonwealth and the United States.
40.2. There shall be a Rhodes Professorship of the Laws of the British Commonwealth and the United States.
40.3. The professor shall lecture and give instruction in those laws on such conditions as Council shall from time to time determine.
40.4. The professor shall be elected by a board consisting of:
(1) the Vice-Chancellor, or, if the head of the college specified in (2) of this section is Vice Chancellor, a person appointed by Council;
(2) the head of the college with which the professorship shall be for the time being associated by Council, or, if the head is unable or unwilling to act, a person appointed by the governing body of the college;
(3) a person appointed by the governing body of the college specified in (2) of this section;
(4), (5) two persons appointed by Council;
(6) a person appointed by the Social Sciences Board;
(7)–(9) three persons appointed by the Board of the Faculty of Law.
40.5. The net income of the endowment shall be applied towards the cost of the professorship.
40.6. Congregation may amend sections 40.2-40.5.