45.1. The net income of the Squire and Marriott Endowment Fund shall be used for the making of grants to any member of the University who declares at the time of application that he or she sincerely desires and intends to seek, when qualified, ordination in the Church of England or any church in communion with that church and who requires financial assistance in connection with his or her studies at the University.
45.2. The Board of the Faculty of Theology and Religion shall be the board of management of the fund and shall have discretion to make grants under section 45.1 above.
45.3. The board shall have discretion to make additional bursaries available, after Anglican candidates have been considered, to matriculated students of the University intending ministry in churches with which the Church of England has ecumenical relations, or who as lay men or women intend to serve their church as theologians.
45.4. Of the grants made under the provisions of section 45.1 above one-half (as near as may be) shall be called Rebecca Flower Squire Bursaries and the others James William Squire Bursaries, except that from time to time and in any case not less than once in five years a grant to a student of theology shall be called a Marriott Bursary.
45.5. Grants shall normally be paid in termly instalments subject to such conditions as the board shall determine.
45.6. (1) The board may appoint a committee to exercise any or all of the powers given to it by this Part.
(2) If such a committee is appointed, it shall report on its activities to the board at least once in each year.
45.7. Congregation may from time to time amend this Part so long as the main object of the fund, as defined in section 45.1 above, is always kept in view.