43.1. (1) The purpose for which the trust fund and the income from it are held is the establishment of a professorship to be called the Slade Professorship of Fine Art.
(2) In each year there shall be paid out of the net income of the trust fund for that year:
(a) to the professor such allowance for his or her travelling and other expenses as the board of electors specified in section 43.4. below shall resolve;
(b) the proper costs of administering the trust in that year;
(c) such sum or sums for the purchase of slides or other illustrative material (which slides or other material shall become the property of the University) as the board shall resolve;
(d) to the professor such stipend (not being less than £400 or more than the balance of the net income of the fund) as the board shall resolve.
(3) Any part of the income of the trust fund in any year which is not applied under provisions (a) (d) above may be applied in such other ways, for the furtherance of the study of the Fine Arts in Oxford, as may be determined by the board.
43.2. The professorship shall be tenable for one year.
43.3. (1) The professor shall give during his or her tenure of the professorship at such place as the Vice-Chancellor shall appoint not less than eight lectures on the History, Theory, and Practice of the Fine Arts or some section or sections of them.
(2) The lectures shall be given in Full Term and shall be open to all members of the University.
43.4. The professor shall be elected by a board of electors consisting of:
(1) the Vice-Chancellor;
(2) the Director of the National Gallery;
(3) a person appointed by the Governing Body of All Souls College;
(4) a person appointed by Council;
(5) a person appointed by the Humanities Board;
(6), (7) two persons elected by the Board of the Faculty of History;
(8) a person appointed by the Committee for the History of Art;
(9) a person appointed by the Visitors of the Ashmolean Museum.
43.5. The Registrar shall see that not less than one calendar month’s notice is given to the electors of any vacancy in the professorship, and of the day, hour, and place proposed for the election of a successor, and of the name or names of the candidate or candidates; and shall also see that not less than a week’s notice is given to the electors of the day, hour, place, and purpose of any other meeting of the board.
43.6. (1) All matters brought before the board shall be decided by a majority of votes.
(2) The members of the board shall be entitled to transmit their votes in writing for the election or compulsory retirement of a professor.
(3) The members of the board shall be entitled to vote on any other business only when personally present at a meeting of the board.
43.7. (1) Should the professor, either from illness, or from any urgent cause to be approved by the Vice-Chancellor, be temporarily prevented from discharging his or her duties he or she shall name a fit and sufficient deputy to be approved by the board; and if the professor declines or neglects to do so the board shall appoint such a deputy.
(2) It shall rest with the board to determine what portion of the professor’s stipend shall be assigned to the deputy.
43.8. A professor may at any time retire from office, and may by a unanimous vote of all the electors be compelled so to retire.
43.9. Upon the death, resignation, or retirement from office of a professor during his or her tenure of the professorship:
(1) the board shall decide what proportion of the stipend which would have been payable to that professor under the provisions of section 43.1 above if he or she had completed his or her tenure shall be paid to that professor or his or her personal representative as the case may be, regard being had to the length of time during which the professor has held office and to the number of lectures which he or she has given;
(2) the board shall decide whether or not to fill the vacancy in the professorship before the next day on which a professor normally assumes office;
(3) if the board decides to fill the vacancy it may resolve that there shall be paid out of the income of the trust fund to the new professor such stipend (not exceeding the amount of any unapplied balance of the previous professor’s stipend) as it may see fit in respect of the period until the next day on which a professor normally assumes office; and it may if it sees fit appoint to fill the vacancy the same person as it shall appoint or shall have appointed to be the professor for the next following year, and that person shall then hold office continuously until the end of the next following year.