48.1. The sums contributed between 1958 and 1968 by the Chartered Institute of Transport acting on behalf of the contributors shall be applied to the establishment and maintenance of an Associate Professor in Transport Studies (“the Associate Professorship”) and the promotion of transport studies in the University under the arrangements set out in sections 48.2 and 48.3 below.
48.2. (1) The net income of the endowment shall first be applied towards the salary and expenses of the holder of the Associate Professorship and associated overheads.
(2) Such part of the income of the endowment in any year that remains following the discharge of the costs referred to at Part 48.2(1) may be applied to support the work of the Associate Professor and for the encouragement and advancement of transport studies in the University as the board of management shall see fit.
(3) During any vacancy in the Associate Professorship the whole of the income of the endowment may be applied in accordance with Part 48.2(2).
48.3. The Associate Professor shall engage in advanced study and research in the field of Transport Studies, and shall lecture and give instruction in Transport Studies under the direction of the Head of the School of Geography and the Environment. The Associate Professor shall be required to be the director (without emoluments) of the Transport Studies Unit if appointed as such by the Head of the School of Geography and the Environment.
48.4. The administration of the endowment, and the application of its income, shall be the responsibility of the board of the School of Geography and the Environment.
48.5. Subject to Part 48.6, Council may amend, repeal or add to this Part 48 in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the endowment to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University.
48.6 Any amendment to Part 48.2 is an amendment to the main objects of the endowment fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by Her Majesty in Council.