65.1. The University receives with gratitude a benefaction from Jesus College, Oxford, to be held as permanent endowment on the trusts declared in this regulation. Further money or property may be paid or transferred to the University to be held on the same trusts. The assets so held will be known as the Jesus Professorship of Celtic Endowment Fund (“the Fund”).
65.2. The University shall retain as permanent endowment those of the assets in the Fund which are contributed on the express understanding that they are to be treated as permanent endowment (“the Permanent Endowment”).
65.3. The University shall (a) apply the income of the Permanent Endowment; and (b) apply the income and, in its discretion, the capital of the remainder of the Fund, towards the salary and expenses of the holder of the Jesus Professorship of Celtic and associated overheads. The Professor shall undertake research, lecture and give instruction in Celtic. If the salary, expenses and overheads of the Professor are wholly or partly covered from other sources or there are further funds available, there shall be discretion to apply the income and/or the capital of the Fund to support the Professor’s research. Whenever, for whatever reason, there is no holder of the Jesus Professorship of Celtic there shall be discretion to apply the income and/or the capital of the Fund to promote the teaching and research of Celtic in the University.
65.4. The administration of the Fund, and the application of its income, shall be the responsibility of the Humanities Divisional Board.
65.5. The Professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or, if the Principal of Jesus College is Vice-Chancellor, a person appointed by Council;
(2) the Principal of Jesus College, or, if the Principal is unable or unwilling to act, a person appointed by the Governing Body of Jesus College;
(3) a person appointed by the Governing Body of Jesus College;
(4), (5) two persons appointed by Council;
(6) the Head of the Humanities Division, or his or her nominee;
(7) a person appointed by the Board of the Faculty of English;
(8) a person appointed by the Board of the Faculty of History;
(9) a person appointed by the Board of the Faculty of Linguistics, Philology and Phonetics.
65.6. The University may in its absolute discretion in the period ending on 30 January 2033, instead of applying the income of the Fund in any year, accumulate all or any part of such income by investing it, and holding it as part of the capital of the Fund. The University may apply the whole or any part of such accumulated income in any subsequent year as if it were income of the Fund arising in the then current year.
65.7. The University shall have power to pay out of the capital or the income of the Fund all costs of and incidental to the creation of the Fund, and the management and administration of the Fund and the Professorship.
65.8. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with this Part.
65.9. Sections 65.1–4 and 65.6–11 shall be deemed to be trust provisions under the provisions of Part D of Statute XVI.
65.10. Subject to section 65.11, Council may amend, repeal or add to this Part in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University.
65.11. Any amendment to section 65.3 is an amendment to the main objects of the 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.