5.1. (1) The first charge on the net income of the Boden Fund shall be the payment of a contribution towards the cost of the Boden Professorship of Sanskrit equal to one-half of the total income of the fund, net of such management fee as shall be determined by Council from year to year.
(2) In the event of a vacancy in the professorship this contribution shall be paid into the University General Revenue Account.
5.2. The second charge on the net income of the Boden Fund shall be the financing of the Boden Scholarship for the encouragement of the study of, and proficiency in, the Sanskrit Language and Literature tenable on the conditions set out in this Part, for two years in the first instance, with an annual stipend to be fixed at the discretion of the Board of the Faculty of Oriental Studies.
5.3. The Board of the Faculty of Oriental Studies shall be the board of management of the scholarship.
5.4. (1) The scholar shall be elected in such term as the board may from time to time determine, subject to the giving in the University Gazette of not less than three months' notice of each election.
(2) The electors shall be the Boden Professor of Sanskrit or his or her deputy, and one or more others appointed by the board on each occasion not less than one month before the election.
(3) The electors shall take into account the previous records and declared intentions of the candidates, and they may also, if they think fit, examine the candidates either orally or in writing or in both ways.
5.5. (1) The scholarship shall be open to all graduate members of the University who on the first day of the term in which the election is held have exceeded the ninth term from their matriculation but not the thirtieth year of their age2.
(2) Candidates shall produce to the Boden Professor documentary evidence of their eligibility under this section, and also a written permission, signed by the heads or vicegerents of their respective colleges, societies, or Permanent Private Halls to offer themselves as candidates, but no person shall be eligible whose vernacular language is any Indian language.
5.6. The board may, on the recommendation of the electors, permit a scholar to retain his or her scholarship for a third year but not for longer.
5.7. (1) The scholar shall keep statutable residence for six weeks in every term of the tenure of his or her scholarship unless, on the recommendation of the Boden Professor, the board shall grant leave to reside elsewhere on the ground that he or she can there pursue his or her studies more profitably than in Oxford.
(2) The scholar shall be required during residence in Oxford to attend such of the Boden Professor's lectures as the professor shall deem best adapted to the scholar's proficiency in Sanskrit.
(3) The board may also dispense with statutory residence on the ground of illness or for other urgent cause.
5.8. The scholarship shall immediately become void if the scholar is non-resident in any term (unless his or her residence has been dispensed with under section 5.7 above) or fails to comply with any other requirement specified in this Part.
5.9. At the end of each term the scholar shall apply to the Boden Professor for a certificate that he or she is worthy to receive his or her stipend, and shall deliver to the Registrar such a certificate signed by the Boden Professor together with a certificate of residence, and in default of those certificates or either of them (subject nevertheless to any dispensation as to residence granted under section 5.7 above) the scholar shall receive no stipend in respect of the following term.
5.10. (1) Electors other than the Boden Professor may, if the board for good reasons so determines on any occasion, receive an honorarium not exceeding £4.
(2) Any such honorarium and all other necessary expenses of administration shall be paid out of the income of the fund.
5.11. (1) Any surplus income of the fund not required for the above purposes (including any emoluments forfeited by a scholar and any income accruing during a vacancy and not required to be paid into the University General Revenue Account under section 5.1 above) shall be applied in the first instance to making a grant to the Library of the Indian Institute of £50 per annum or such lesser sum as may in any given year be available.
(2) Any remaining surplus income may at the discretion of the board be applied to any one or more of the following purposes, namely:
(a) to the provision of a junior scholarship or prize for the encouragement of the study of and proficiency in the Sanskrit Language and Literature;
(b) to the assistance of publications or any other purpose connected or consistent with the advancement of Sanskrit studies.